Choose correct explanations of price elasticity. (multiple answers) a) The price elasticity of supply is 0.5 and the price elasticity of demand is -0.5. If the price increases by 1% in response to the increase in demand, the total revenue increases more than 1%. b) The price elasticity of supply is lower as the cost of storage for the product is higher. c) When the price elasticity of demand is -1.2, an increase in the price raises the total revenue. d) The price elasticity of demand is lower as it is easier to find substitutes