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0. Statement (I) : Point price elasticity of demand in terms of marginal and average revenues can be measured with the following formula:Statement (II) : The point price elasticity of demand is the product of the slope of the demand function and the ratio between corresponding price and quantity.
Both the statements are correct.
Both the statements are incorrect.
Statement (I) is correct, while statement (II) is incorrect.
Statement (I) is incorrect, while statement (II) is correct.
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