What are the typical results from a successful advertising campaign? Group of answer choices The perceived demand curve becomes more elastic, leading to more variability in pricing of a firm’s products. A firm sells more units by charging a lower price for its product. The perceived demand curve becomes more inelastic, so demand increases for a firm’s products.
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- If advertising makes consumers more loyal toparticular brands, it could _________ the elasticityof demand and _________ the markup of price overmarginal cost.a. increase; increaseb. increase; decreasec. decrease; increased. decrease; decreaseIvan runs a small independent movie theatre in Scarborough, which presently attracts 1,100 customers per week at a ticket price of $7. His customer base comprises 750 adult customers and 350 seniors. He would like to increase his total revenue by practising price discrimination. He knows that the demand by adults is fairly inelastic and that a change in the admission price of $1 would change the quantity by 60 customers. He also recognizes that the demand by seniors is fairly elastic and a $1 change in the price would result in a change of 40 customers. Adults Seniors Price Quantity Total Revenue Quantity Total Revenue $2 $ $ 3 4 5 6 7 8 9 a. From this information, complete the table above. b. What is Ivan’s present total revenue? Total revenue: $ c. Should he increase or decrease the price for adults? Should he increase or decrease the price for seniors?…The price elasticity of demand for physicians’ services is ˗0.20. Your group controls 10 percent of the market. What price elasticity does your firm face? A. ˗0.02 B. 4.00 C. None of these D. ˗4.00
- he elasticity of demand for a firm’s product is −3 and its advertising elasticity of demand is 0.12. a. Determine the firm’s optimal advertising-to-sales ratio. Instruction: Enter your response rounded to two decimal places. Numeric Response1. Edit Unavailable. not attempted, incorrect. b. If the firm’s revenues are $60,000, what is its profit-maximizing level of advertising? $ Numeric Response2. Edit Unavailable. not attempted, incorrect.Economics You are a manager of a monopolistically competitive firm that is currently charging a price of $5 for its product and, at this price you are selling 52,000 units of your product. At this price and quantity combination, you have estimated your own price elasticity of demand to be -2.0 and you have an advertising elasticity of 0.25. What is the optimal amount for you to spend on advertising?Your company operates in a perfectly competitivemarket. You have been told that advertising can help youincrease your sales in the short run. Would you create anaggressive advertising campaign for your product?
- The elasticity of demand for a firm’s product is –2.5 and its advertising elasticity of demand is 0.2. a. Determine the firm’s optimal advertising-to-sales ratio. b. If the firm’s revenues are $40,000, what is its profit-maximizing level of advertising?List the characteristics of products that haveinelastic demand, and give several examples ofsuch products.Puffery is an example of which of the following deceptive or misleading advertising techniques? Question 12 options: ambiguity exaggeration psychological appeals concealment of facts
- The graph depicts the demand curve before advertising, DO, and the four possible demand curves that results from advertising. Which of the four demand curves depicts the two ways that advertising impacts demand?- D1 - D2 - D3 - D4Question 29 Assume lawyer services have an elasticity of demand of 0.5 in absolute value. Currently, a lawyer charges $300 per consultation and she has 100 consultations per week. If she raises her rate to $450 per consultation (a 50% increase) her revenue will (use the general formula for elasticity not the midpoint formula) fall from $30,000 per week to $28,500 per week. rise from $30,000 per week to $31,500 per week. rise from $30,000 per week to $33,750 per week. fall from $30,000 per week to $26,000 per week.Suppose you are a producer that sells products to two groups of buyers. These groups of buyers have no contact with one another. Group 1 has a relatively elastic demand curve and group 2 has a relatively inelastic demand curve. If your goal is to maximize total revenue you should Options are given as below A) charge group 1 a lower price than group 2 B) charge group 2 a lower price than group 1 C) charge both groups the same price D) increase the price to both groups