If the elasticity of supply is 0.7, what will happen to the quantity supplied if the price rises by 6%?

Question

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Answer 1

When the elasticity of something is less than 1, in this instance .7 then it can be considered inelastic. As the quantity supplied has a price increase, then the quantity demanded should stay about the same.

Inelastic Economic Relations
When an elasticity is small (between 0 and 1 in absolute value), we call the relation that it describes inelastic.
Inelastic demand means that the quantity demanded is not very sensitive to the price.
Inelastic supply means that the quantity supplied is not very sensitive to the price.