Between 2022 and 2023, the average market price of recycled carbon fiber composite panels in the manufacturing sector rose by 12.5%.
| Year | Quantity of recycled carbon fiber composite panels supplied (square metres) |
|---|---|
| 2022 | 40,000 |
| 2023 | 46,000 |
Using the data in the table, calculate the price elasticity of supply (PES) for recycled carbon fiber composite panels between 2022 and 2023. Show your workings.
