Consider the musical, Les Miserables, is currently playing at the LyricTheatrein QPAC (Queensland Performing ArtsCentre). QPAC knows at the current price, the point elasticity of demand for tickets is 0.18.

Select the item from the list provided to make the following statements true.

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If the demand for seats were perfectly inelastic, then the value of elasticity along the demand curve would be equal to __________.

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A1%increasein the price of tickets to see Les Miserables would lead to a__________%decreasein thequantityof tickets demanded.

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Les Miserables is recognised as being a popular and critically acclaimed musical.Some people will pay almost anything for a ticket to go to a performance.Economists would see the ticket purchased by these people as beinga __________good.

1.Budget 2.1 3.greater 4.0.18 5.necessary 6.increase 7.luxury 8.0 9.decrease 10.time 11.substitute 12.demand