Question 45 pts 4- WORLD VIEW Rebounding Oil Price Spurs More Rigs The recent spike in the price of oil has brought more rigs on line. According to the weekly Baker Hughes count, the number of active oil rigs has jumped 60 percent since last year. When oil prices were falling, the number of active U.S. rigs fell from 2,000 in 2015 to only 480 in 2016. The latest survey, for the week of March 10, 2017, put the number at 762. Higher-cost shale producers in the Permian basin are quick to respond to higher oil prices, acting as the marginal producer. Overall, economists estimate the elasticity of oil supply at around 0.1. Source: Media reports of March 2017. Based on the estimated price elasticity of supply, calculate the change in the quantity of oil supplied if the price of oil increased by 20 percent. Please round your response to one decimal place. The quantity of oil would have [ Select ] ["increased", "decreased"] by [ Select ] ["2.0", "20", 60"] %