Assume world oil supply is 72 million barrels per day at a price of $49 per barrel. Suppose that if the price per barrel of oil increases to $58 per day, then 83 million barrels of oil will be supplied.
Using the midpoint formula, what is the price elasticity of supply for oil? ___ (enter a numeric response using a real numer rounded to two decimal places.)
In this price range, the world supply of oil is ___________ (elastic or inelastic).