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.
Code:

Correct option is A

Both statements are correct.
Statement (I) is correct because the elasticity of demand can be calculated using marginal revenue (MR) and average revenue (AR) as 
Statement (II) is correct because the point price elasticity of demand is defined as 
(a) Both the statements are correct.