1. Indicate whether the below statements are "true" or "false" and explain why:
   • The price elasticity of demand measures the responsiveness of producers to price changes.
   • A larger absolute value of the price elasticity of demand implies that demand is more elastic.
   • The point elasticity formula is used to calculate price elasticity of demand when moving between two points on a demand curve;
   • The arc elasticity formula is used to calculate the price elasticity of demand at a single point on the demand curve.
   • Whether total revenue rises, falls, or remains the same when price changes depend on whether demand is elastic, inelastic, or unit elasticity.