Option 1 -> Using the formula: Es = [(Q2-Q1)/Q1] / [(P2-P1)/P1] = [(1000-200)/200] / [(30-10)/10] = [800/200] / [20/10] = 4/2 = 2.
Option 2 -> Would require elasticity of 3, meaning quantity changes 3 times more proportionally than price.
Option 3 -> Would require elasticity of 4, meaning quantity changes 4 times more proportionally than price.
Option 4 -> Would mean unitary elasticity where percentage change in quantity equals percentage change in price.
Hence, Option 1: 2 -> The price elasticity of supply measures the responsiveness of quantity supplied to price changes. Here, when price increases by 200% (from 10 to 30), quantity supplied increases by 400% (from 200 to 1000). The elasticity = 400%/200% = 2, indicating that supply is elastic (Es > 1), meaning producers respond significantly to price changes. -> correct