Merchandise for popular television series, movies or musicians can be highly sought after by fans. Suppose a company sold 200 Game of Thrones figures for a price of $25 each. However, when they set the price at $30 they only sold 160.

Which of the following statements are true:

The point price elasticity of demand for Game of Thrones figures at a price of $25 is unit elastic.

A 1% increase in the price of Game of Thrones figures would lead to a 1% decrease in figures sold.

The point price elasticity of demand for Game of Thrones figures at a price of $25 is 0.0156 (to four decimal places).

The point price elasticity of demand for Game of Thrones figures at a price of $25 is 0.01 (to two decimal places).

There are several coffee shops at UQ. It is known that a consumer is more likely to return to a coffee shop that they are already familiar with and have purchased a coffee from before.John has purchased a coffee from Merlo's but not from Darwin's or the Beltop Cafe.

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

-

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

John's demand for coffee from Merlo's could be less __________than at Darwin's or the Beltop Cafe.

-

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

Withseveral__________coffee shops at UQ,John's demand for coffee would be more elastic.

-

1.

2.

3.

4.

5.

6.

7.

8.

9.

10.

11.

12.

If John considers coffee to be a necessary good,compared to Sue who is an occasional coffee drinker,then John's demand for coffee would be relatively __________inelastic.

1.more 2.budget 3.greater 4.necessary 5.increase 6.luxury 7.inelastic 8.elastic 9.decrease 10.time 11.substitute 12.demand