Assume the following infor nation pertains to an agricultural firm you work for. You need to determine if you are over-spending or under-spending in a particular channel. The following data is an estimate of customer response to advertising expenditure. Sales Quantity Advertising Spend 100,000 10,000 200,000 20,000 300,000 35,000 400,000 60,000 500,000 100,000 600,000 700,000 140,000 160,000 170,000 800,000 Last year, the firm spent 600,000 on this marketing channel. This year, the marketing manager is proposing to increase the budget to 800,000. a. Calculate the AED using the constant elasticity formula between last year's allocation and the proposed allocation. b. If the firm earns a 10% margin on each product sold, and the product sells for $50, at the new proposed spending level, is the firm overinvesting or underinvesting in this particular advertising channel? Explain and show your work as best as you can