Which one the following relationship regarding price elasticity coefficient with change in price and change in total revenue is incorrect?

Correct option is D

There are five types or categories of price elasticity of demand, which are as follows:
1. Unit elasticity of demand:- when the percentage change in quantity demanded is equal to the percentage change in price.
2. Perfectly elastic demand: In this case, a small change in price leads to an infinite change in the quantity demanded. The price elasticity of demand is equal to infinity. (ed = ∞)
3. Perfectly inelastic demand: In this case, a change in price has no effect on the quantity demanded. The price elasticity of demand is equal to zero. (ed = 0)
4. Relatively elastic demand: In this case, a small change in price leads to a proportionally larger change in the quantity demanded. The price elasticity of demand is greater than 1. (ed >1)
5. Relatively inelastic demand: In this case, a change in price has a proportionally smaller effect on the quantity demanded. The price elasticity of demand is less than 1. (ed < 1)
Price elasticity through total revenue method.