Use the information in the following table to calculate the elasticity of supply for wheat. Use the arc price elasticity formula to make the calculation. Characterize the elasticity of supply by identifying ifwheat is elastic or inelastic. Period Price per ton Qua ntityr {millions of tons} 1 1?4 Km 2 211 850 | Calculate the cross-price elasticity of supply for corn and soybeans given the information in the following table. Interpret the value by identifying if the goods are substitutes or complements in production. Period Price of Corntper bushel} Quantity of Beans [billions of bushels} 1 3.25 4.5 2 4 4