A survey of major U.S. firms' estimates on average, the advertising elasticity of demand was only about

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A survey of major U.S. firms' estimates on average, the advertising elasticity of demand was only about 0.003. Doesn't this indicate that firms spend too much on advertising?
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Managerial Economics Theory Applications and Cases

ISBN: 978-0393912777

8th edition

Authors: Bruce Allen, Keith Weigelt, Neil A. Doherty, Edwin Mansfield

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