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The Wilson Company's marketing manager has determined that the price elasticity of demand for its product equals -2.2. According to studies he carried out, the relationship between the amount spent by the firm on advertising and its sales is as follows:Advertising Expenditure Sales$100,000 $1.0 million200,000 1.3 million300,000 1.5 million400,000 1.6 million
a. If Wilson Company spends $200,000 on advertising, what is the marginal revenue from an extra dollar on advertising?
b. Is $200,000 the optimal amount for the firm to spend on advertising?
c. If $200,000 is not the optimal amount, would you recommend that the firm spend more or less on advertising?
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questions are even asking. Would you be able to explain what they are asking as well as provide me with a solution I'm more interested in LEARNING this than just getting the answer, so I really need help with the explanation of how you come up wit..
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Suppose you own a movie theater and most of your costs (the band, security, the land rental, etc.) are independent of how many people show up. What is likely to be the point elasticity of demand at the price you decide to charge
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For ATC and AVC, plot the points on the integer: for example, the ATC of producing one tablecloth is 80, so you should start your ATC curve by placing a green triangle at the point (1, 80). For MC, plot the points between integers.
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