Problem
In 2003, the market price for a 3,000 square foot home in South Tampa, Florida was $350,000 and 358 new homes were built. In 2004, the market price for a 3,000 square foot home in South Tampa, Florida increased to $385,000 and, holding all else equal, 534 new homes were built. Using the midpoint method, what is the elasticity of supply for new homes in South Tampa?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.