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Calculate the point advertising elasticity of demand

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Reference no: EM132170586

PM = $20000  PG = $1.00     I = $15000     A = $10000

This function is:

QT = 200 -.01PT +.005P­M -10PG +.01I +.003A

Calculate the point advertising elasticity of demand with PT = 30000 and A = $10000. Use QT corresponding to PT = $30000 (which should make QT = 170). Other variables and their values are given at the top, before question #1. Does this elasticity indicate that the demand for Toyotas is relatively responsive to changes in advertising expenditures? Explain why or why not.

Reference no: EM132170586

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