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When the price of a box of herbal tea bags rises from $0.99 to $1.21, the quantity offered for sale rises from 400,000 to 600,000.

  1. When the price of a box of herbal tea bags rises from $0.99 to $1.21, the quantity offered for sale rises from 400,000 to 600,000. What is the price elasticity of supply?

Please write the formula first then calculate.

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