Read the following statements carefully.

Statement 1: If the good is price-elastic, the expenditure on the good would change in the opposite direction as the price change.

Statement 2: If the good is price inelastic, the expenditure on the good would change in the same direction as the price change.

Statement 3: If the good is unit-elastic, the expenditure on the good would remain unchanged.

Which statement/s is/are correct?

All three statements are true.

If a good is price elastic, expenditure and price have negative relation. If a good is price inelastic, expenditure and price have positive relation. If a good is unit elastic, expenditure doesn't change.