1. Assume that Qs1 = 110, Qs2 = 90. Using the midpoints formula for Es, which combination of P1 and P2 (where order matters), would give a price elasticity supply equal to 1.0?

Group of answer choices

P1 = 5.5 and P2 = 4.5

P1 = 7 and P2 = 5

P1 = 5 and P2 = 5

P1 = 10.5 and P2 = 9.55

2. If the price elasticity of supply of wheat is about 2.0 in the long run, then a 40% increase in the price of wheat, other things being equal, should lead to what percentage change in quantity supplied in the long run?

Group of answer choices

80%

60%

40%

20%