Today's supply curve of classrooms on campus is likely to have a price elasticity of:

less than one
equal to one
greater than one

Can anyone please assist?
Thanks

To determine the price elasticity of the supply curve of classrooms on campus, we need to understand how the quantity supplied of classrooms changes in response to a change in price.

Price elasticity of supply measures the responsiveness of the quantity supplied to a change in price. It is calculated as the percentage change in quantity supplied divided by the percentage change in price.

If the price elasticity of supply is less than one, it implies that the quantity supplied is not very responsive to changes in price. In other words, a change in price will result in a relatively smaller percentage change in the quantity supplied. This suggests that the supply curve is relatively inelastic.

If the price elasticity of supply is equal to one, it means that the quantity supplied changes proportionally with the change in price. A percentage change in price will result in an identical percentage change in the quantity supplied. This indicates a unitary elastic supply curve.

If the price elasticity of supply is greater than one, it signifies that the quantity supplied is highly responsive to changes in price. A change in price will result in a relatively larger percentage change in the quantity supplied. This suggests that the supply curve is relatively elastic.

Since we do not have specific data on the quantity supplied and price changes, we cannot determine the exact price elasticity of supply for the classrooms on campus. However, based on typical scenarios, it is likely that the price elasticity of supply for classrooms on campus is greater than one. This is because there are usually other options available for universities or educational institutions to provide classroom space, such as building new classrooms or renting additional space externally, which can be more easily adjusted in response to changes in price. Thus, the supply of classrooms would be relatively elastic.