A sterilized central bank intervention does not affect the domestic money supply

When the price of a good rises from $5 to $7 a unit, the quantity supplied increases from 110 to 130 units a day. The price elasticity of supply is _______. The supply of the good is _______

A. 60; elastic B. 10; elastic C. 0.5; inelastic D. 2; inelastic

If the price elasticity of demand for apples is greater than 1, an increase in apple prices will

A) raise total revenue. B) lower total revenue. C) not affect total revenue. D) either raise or lower total revenue, but it is impossible to determine which.