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1. Amalgamated Popcorn, Inc. sells bags of flavored gourmet popcorn in a popular mall. As a shop owner and operator, you have observed that weekly popcorn sales are well-described by the demand equation: Q = 1,200 -800P + 2.0A, where A denotes advertising weekly spending (in dollars). You are currently charging $1.50 per bag of popcorn (for which the marginal cost is $.75) and spending $500 per week on advertising.
a) Compute the store's price elasticity and advertising elasticity.
b) Check whether your current $1.50 price is profit-maximizing. If not, determine the store's optimal quantity and price.
c) Should the store consider increasing its advertising spending? Why or why not.
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