If the average price of new homes rose by 15% last year, and, as a result, home builders increased the supply of new homes by 10%, the price

If the average price of new homes rose by 15% last year, and, as a result, home builders increased the supply of new homes by 10%, the price elasticity of supply is _____, and the supply of new homes is _____.

Question 17 options:

a) 

0.67; inelastic

b) 

1.5; elastic

c) 

1.5; inelastic

d) 

0.67; elastic