CThe price of Laker games have increased from an average of $55 dollars to $85 in order to help pay for LeBron’s contract. The Lakers have added 500 more seats from their already 18,000 seat capacity. What is the elasticity of supply, and determine whether the product is elastic, inelastic, or unitary?

QS 18,000 - 18,500/18,000 = 500/18000 = .0278 x 100 = 2.78
P 55 - 85/55 = 30/55 = .5455 x 100 = 54.55
QS/P or E 2.78/54.55 = .05 Inelastic