GCC Advertising Monopolies and Elasticity Questions

Question Description

I’m trying to study for my Economics course and I need some help to understand this question.

1. AdvertisingHow does advertising benefit society? In what ways can advertising be harmful? Give an example (YouTube link) of an effective advertisement (that had a positive impact on demand).2. Monopolies and ElasticityRecalling what you have learned about elasticity, what can you say about the connection between the price a monopolist chooses to charge and whether or not demand is elastic, unitary, or inelastic at that price? (Hint: Examine the marginal revenue curve of a monopolist. The fact that marginal revenue becomes negative at low prices implies that a portion of the demand curve cannot possibly be chosen.) Please include an example with your posting.



Monopolies and Elasticity

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