The table and graph below describe the supply of umbrellas per month in Peoria.

Supply of Umbrellas

Price (dollars) Quantity of Umbrellas Supplied

$150 1,000

120 800

100 600

80 400

60 200

40 0

Instructions:Round your answers to 2 decimal places.

a. Using the starting point method, the price of umbrellas increases from $60 per umbrella to $80 per umbrella?

Price increases by____%

Quantity supplied increases by____%

Therefore, the elasticity of supply is____%

b. Using the starting point method, the price of umbrellas falls from $120 per umbrella to $100 per umbrella.

Price decreases by_____%

Quantity supplied decreases by_____%

Therefore, the elasticity of supply is_____%

c. If the elasticity of supply for umbrellas is 1.2, then an increase in the price of umbrellas of 20% will_________(INCREASE OR DECREASE)the quantity supplied by______%.