(a) Explain the concept of 'price elasticity of supply' and state the formula for calculating it. (4 marks) (b) Explain THREE factors that determine the price elasticity of supply of a commodity. (6 marks) (c) The table below shows the supply schedule for commodity X: Price (N) | Quantity Supplied (units) 200 | 400 300 | 700 (i) Calculate the price elasticity of supply between the two price levels. (3 marks) (ii) What does your answer in (c)(i) indicate about the nature of supply of commodity X? (2 marks) (iii) State ONE factor that could account for this nature of supply. (1 mark)