The price elasticity of supply can be calculated using the formula: % change in quantity supplied / % change in price. In this case,the % change in quantity supplied is (120-50)/50 = 1.4 and the % change in price is (20-10)/10 = 1. Therefore, the price elasticityof supply is 1.4/1 = 1.4, which is greater than 1. This means the supply is fairly elastic, meaning that the quantity supplied isresponsive to changes in price.