Are the following statements true or false? Explain your answers. 

a.  A 10 percent reduction in price that leads to a 5 percent increase in the amount purchased indicates a price elasticity of more than 1. 

b.  A 10 percent reduction in price that leads to a 2 percent increase in total expenditures (or total revenue) indicates a price elasticity of more than 1. 

c.  If the percentage change in price is less than the resultant percentage change in quantity demanded, demand is in elastic.