A firm is developing a TV advertising campaign. Development costs (fixed costs) are $ 150,000 and the firm must pay $ 15,000 per minute for TV spots. The firm estimates that for each minute of advertising additional sales of $ 70,000 results. Out of this $ 70,000, $ 47,500 is absorbed to cover the variable cost of producing the items and $ 15,000 must be used to pay for the minutes of advertising. Any remainder is the contribution to fixed cost & profit. a) How many minutes of advertising are necessary to recover the development costs of the advertising campaign? b) If the firm uses 15-one minutes spots of advertising on the TV, determine the total revenue, total costs (production & advertising), and total profit (or loss) resulting from this campaign