Question

In 2013, the market price for a 3,000 square foot home in south tampa, florida was $350,000 and 358 new homes were built. in 2014, 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?

Answer 1

Answer would be .24, according to my "calculations"