1)Suppose that in a week the price of Greek yogurt increases from $5

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1)Suppose that in a week the price of Greek yogurt increases from $5.00/lb to $5.25/lb. At the same time, the quantity of Greek yogurt supplied increases from 100,000lbs to 125,000lbs. What is the price elasticity of supply for Greek yogurt?

2)Recently, the Federal Communications Commission (FCC) implemented "local number portability" rules allowing cellular phone consumers to switch cellular providers within the same geographic area and maintain the same phone number. How would you expect this change to affect the Rothschild index for the cellular service industry?

3)How is the price elasticity of supply calculated? Explain what it measures.