Price elasticity of supply of a good is 0.8. Is the supply 'elastic' or 'inelastic', and why?

Price elasticity of supply of a good is 0.8. Is the supply 'elastic' o

1.	Price elasticity of supply of a good is 0.8. Is the supply 'elastic' or 'inelastic', and why?
Answer» <html><body><p></p><a href="https://interviewquestions.tuteehub.com/tag/solution-25781" style="font-weight:bold;" target="_blank" title="Click to know more about SOLUTION">SOLUTION</a> :The supply is inelastic because coefficient of <a href="https://interviewquestions.tuteehub.com/tag/price-1165141" style="font-weight:bold;" target="_blank" title="Click to know more about PRICE">PRICE</a> elasticity of supply is less than <a href="https://interviewquestions.tuteehub.com/tag/one-585732" style="font-weight:bold;" target="_blank" title="Click to know more about ONE">ONE</a>.</body></html>