1. General Cereals is using a regression model to estimate the demand for Tweetie Sweeties, a whistle shaped, sugar-coated breakfast cereal for children. The following (multiplicative exponential) demand function is being used Qd=6.280P-2.15 A 1.05 N370 where QD = quantity demanded, in 10 oz. boxes A=advertising expenditures on daytime television in dollars N =proportion of the population under 12 years old a. determine the point price elasticity of demand for Tweetie Sweeties b. Determine the advertising elasticity of demand c. What interpretation would you give to the exponent of N?
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