The price for a barrel of oil increases from $75 to $125. The new output is 1.8 million barrels per day, and the old output is 1.6 million barrels per day. What is the price elasticity of supply? Use the Midpoint method, a 94 O b. 16 O c. 52 O d.24 1 pts Question 45 A product with an extreme change in quantity demanded as the result of a very small price change is considered a, relatively elastic O b. relatively inelastic O c. perfectly inelastic O d. None of the above