The demand for a product at its current price has a price elasticity greater than 1.0 (ignoring the minus sign). Which of the following statements must be correct? (1) A reduction in the sales price will increase total revenue. (2) A reduction in the sales price by % will result in a percentage increase in sales demand which is greater than %? (3) An increase in the selling price will increase total profit. statements 1, 2 and 3 statements 1 and 3 Statements 1 and 2 statements 2 and 3