If a 12 percent increase in the price results in a 22 percent increase in quantity supplied, the

elasticity of supply is?

(b) Refer to Figure 5.1. What type of isoquant is depicted in each of following figures and explain each isoquant in each figure.

 (1) Figure 5.1 (section 1)

(2) Figure 5.1 (section 2)

 (3) Figure 5.1 (section 3