The following are the two statements regarding elasticity of demand and its measurement Statement I: On every point on the straight line demand curve, the point elasticities are all equal Statement II: On every point on the rectangular hyperbola shaped demand curve, the point elasticities are not equal Select the correct option for those below. 1. Both the statements are correct 2. Both the statements are not correct 3. Statement I is correct while Statement II is incorrect 4. Statement I is incorrect while Statement II is correct