Consider the given statements about ranges of elasticity

1. for inelastic demand ,quantity demanded does not respond strongly to price changes.

2. if the price elasticity of demand is equal to 0, demand is perfectly inelastic.

3. when the value of elasticity is greater than 1, it suggests that the demand for the good or service is affected by the price.

4. a value less than 1 suggests that the demand is insensitive to price.

Which of the following statements is correct?