The table and graph below describe the supply of umbrellas per month in Peoria. Supply of Umbrellas Price Quantity of Umbrellas [dollars ) Supplied $160 2 500 2 we , woo woo -_ Instructions: Round your answers to two decimal places. a. Using the regular percentage change method, the price of umbrellas increases from $80 per umbrella to $100 per umbrella? Price increases by 96 Quantity supplied increases by % Therefore, the elasticity of supply is b. Using the regular percentage change method, the price of umbrellas falls from $140 per umbrella to $120 per umbrella. Price decreases by % Quantity supplied decreases by % Therefore, the elasticity of supply is c. If the elasticity of supply for umbrellas is 1.4. then an increase in the price of umbrellas of 40% will supplied by 96. (Clid( to select) V the quantity