Which one of the following sets is incorrect to show the inter-relationships among price elasticity coefficient, change in price and change in total revenue ?
|
Price elasticity coefficient |
Change in price |
Change in Total Revenue |
| 1) Zero |
Increase Decrease |
Increase Decrease |
| (2) Less than 1 |
Increase Decrease |
Decrease Increase |
| (3) Equal to 1 |
Increase Decrease |
No change No change |
| (4) More than 1 |
Increase Decrease |
Decrease Increase |
1
(1)
2
(2)
3
(3)
4
(4)