The George Company produces chicken feed

Subject:EconomicsPrice:2.88 Bought3

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The George Company produces chicken feed. When the feed has a price of $5 per unit, it produces 20,000 units; when the price falls to $4 per unit, it produces 15,000 units.

Calculate price elasticity of supply for the chicken feed

Enter only numbers, a decimal point, and/or a negative sign as needed. Round your answer to two decimal places as necessary; if you round on intermediate steps, use four places.

With respect to price, supply of the chicken feed just discussed is relatively:

a. inelastic,

b. elastic, or

c. unit elastic