Which of the following statements is true? Which of the following statements is true? Advertising elasticity is the % change in output or outcome (Y) for a 1% change in advertising spending (X). Advertising elasticity can be estimated from a parametric function of Y = f(X). Advertising elasticity can be estimated as a local average treatment effect when we observe two levels of spending X1 and X2. Advertising elasticity can be compared to price elasticity. All of the above statements are true