Refer to Figure 5-21. Using the midpoint method, what is the price elasticity of supply between $15 and $25?

Price Elasticity

A gauge of how sensitively the demand or supply for a product reacts to alterations in its price.

Midpoint Method

A technique used to calculate the percentage change in a variable by dividing the change by the average value of the initial and final values.

Supply

The total amount of a product or service that is available for purchase at any given price level.