Begin by deciding on a product that interests the group because you are now in charge of
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Begin by deciding on a product that interests the group because you are now in charge of advertising this product. Members were told that the demand for the product varies directly as the amount spent on advertising and inversely as the price of the product. However, as more money is spent on advertising, the price of your product rises. Under what conditions would members recommend an increased expense in advertising? Once you’ve determined what your product is, write formulas for the given conditions and experiment with hypothetical numbers. What other factors might you take into consideration in terms of your recommendation? How do these factors affect the demand for your product?
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To determine under what conditions group members would recommend an increased expense in advertising for the chosen product several factors need to be ...View the full answer
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