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1 Short answer type questions Discuss the statement "Marketers don't create needs; needs pre-exist marketers

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1 Short answer type questions Discuss the statement "Marketers don't create needs; needs pre-exist marketers." Can marketing efforts change consumers' needs? Can they arouse consumer needs? If yes, how?

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Subjects taken at the University of Queensland nearly always prescribe a textbook. The textbook can be examinable so it may be necessary for students to obtain the text, if they wish to get a good grade.

Answer the following questions:

1. If a subject states that sections of the textbook are examinable, so the textbook really is essential, then demand will be ________ elastic compared to if the textbook was not examinable, ceteris paribus. Type L for Less, M for More or E for Equally.
2. Suppose the UQ branch of the Co-op Bookshop sold a course textbook in 2014 for $59.99 and sold 601 copies that year. In 2015, the same course textbook was sold for $79.99 and sold 479 copies. It cannot be assumed that the demand curve is linear. What is the price elasticity of demand using the mid-point formula? ______________. Answer to the nearest two decimal places.
3. Assume the Co-op Bookshop is trying to maximise revenue. Considering your findings in part b), did the Co-op Bookshop's decision to increase the price of the textbook agree with increasing revenue?________ . Type Y for Yes, N for No or U for Unknown.