Assume world oil supply is 69 million barrels per day at a price of ​$45 per barrel. Suppose that if the price per barrel of oil increases to ​$56 per​ day, then 90 million barrels of oil will be supplied. Using the midpoint​ formula, what is the price elasticity of supply for​ oil?  ________________________ ​   In this price​ range, the world supply of oil is ___________________________________________________ (Elastic OR Inelastic)

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