Which of the following is not correct for marginal propensity to consume?

Option 1 -> MPC = 0 means all additional income is saved, none is consumed. This is theoretically possible.

Option 2 -> MPC = 1 means all additional income is consumed, none is saved. This is also theoretically possible.

Option 3 -> 0 < MPC > 1 is mathematically incorrect notation and implies MPC > 1, which violates economic theory as you cannot consume more than 100% of additional income.

Option 4 -> 0 < MPC < 1 represents the normal and most common range for MPC in economics.

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Hence, Option 3 -> The notation '0 < MPC > 1' is incorrect both mathematically and economically. The correct notation for a range should use consistent inequality symbols (like 0 < MPC < 1). Additionally, MPC cannot exceed 1 because marginal propensity to consume represents the fraction of additional income spent on consumption, which cannot logically be more than 100%. The valid range for MPC is 0 ≤ MPC ≤ 1. -> correct