In a statement to Gillette’s shareholders, its CEO indicated, “Despite several new product launches, Gillette’s advertising-to-sales...
In a statement to Gillette’s shareholders, its CEO indicated,
“Despite several new product launches, Gillette’s
advertising-to-sales declined dramatically . . . to 7.5 percent
last year. Gillette’s advertising spending, in fact, is one of the
lowest in our peer group of consumer product companies.”
If the elasticity of demand for Gillette’s consumer products is
similar to other firms in its peer group (which averages -3), what
is Gillette’s advertising elasticity?
Instruction: Enter your response rounded to two
decimal places.
Is Gillette’s demand more or less responsive to advertising than
other firms in its peer group?
-
More responsive.
-
Less responsive.
-
It responds the same.
Homework Answers
Advertisement elasticity = change in the advertisement demand / change in advertisement.
= -3 / -7.5
= 0.4
Gillette's elasticity for demand is is 0.4.
Gillette's demand is less responsive to advertisement than other firms in its peer group.
Add Answer to:
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