Part 2 - Practice - Assume that dozens of comic book store owners compiled data regarding the prices and quantities sold of the following products. Use the table to answer the questions. Product Initial Intrial New New Price Quantity Price Sold Sold Superman mugs 50 $6 60 Avengers posters $10 400 $12 300 Spider-Man bobbleheads $5 200 800 Vintage Star Wars action figures $10 25 $20 25 Batman flashlights 100 590 Phineas and Feb t-shirts $20 100 $18 150 6. Calculate the elasticity of demand coefficient for Avengers posters. Show your work and identify if the demand is relatively inelastic, unit elastic, or relatively clastic. 7. Which product has the most elastic demand? How can you tell? 8. Which product has relatively inelastic demand? How can you tell? 9. Which product has unit clastic demand according to it's elasticity of demand coefficient? 10. Calculate the elasticity of demand coefficient for Vintage Star Wars action figures. Explain why store owners will likely not put Vintage Star Wars action figures on sale for $5. 1 1. Assume that one of the store owners lowered the price of Phineas and Ferb t-shirts to $16. Would this most likely increase or decrease the owner's total revenue? Explain. Part 3 - Stretch Your Thinking- Answer the question. 12. Assuming that the demand for Spider-Man bobbleheads is downward sloping, explain how it is possible that the quantity sold of Spider-Man bobbleheads increased when the price increased