Question 5: Demand, Elasticity and Economics of Advertising We are used to two common types of advertising: 0 Price. For example: \"For a limited time only, take 30% off the price of any one item in our store." or \"con tains 20% more for the same price\". 0 Features For example: \"Best gas economy in its class" or \"Healthy whole grains and vitamins and a great taste that your children will love\" Here are four examples of a third type of advertising which does not talk about the price or features of the product: \"Mum- new ran out of Kellogg's Corn Flakes\" 6731671; m7\" SF happiness. ' coca-cola. . 4L. mM-mmumnmm-m ins": a ./~ As an Economist, how do you explain this type of ad? What are these companies trying to accomplish? Be sure to bring into your answer the concepts of Elasticity and Competitive Monopoly. There is a chart below: add a new Demand line and a new marginal Revenue line to the chart to illustrate your ideas. Price Quantity --- Demand -MR MC You can move these lines into position on the graph, or if you have a stylus, you draw your own lines. Be sure to tell me what each line stands for. Type your answer and explanation here