You are the manager of a popular shoe company. You know that the advertising elasticity of demand for your product is 0.15. How much will you have to increase advertising in order to increase demand by 10 percent? 21 Multiple Choice points 01:23:11 O 4.3 percent O 0.02 percent O 38.6 percent O 66.7 percent22 When the own price elasticity of good X is -3.5, total revenue can be increased by Multiple Choice points 01:23:07 O decreasing the quantity supplied. O decreasing the price. O neither increasing the price, decreasing the price, nor decreasing the quantity supplied. O increasing the price.23 Suppose that your friend owns a coffee shop and seeks your advice on changing the price of coffee to increase revenue. If you know that demand for coffee is relatively elastic, what advice will you give your friend? Multiple Choice points 01:23:02 O to increase the price O to decrease the price O to decrease the price for a week and then to raise the price O to increase the price for a week and then to lower the priceWhen marginal revenue is positive for a linear (inverse) demand function, decreases in output will cause total revenues to 24 Multiple Choice points 01:22:58 O remain unchanged. O be indeterminable as there is insufficient information to answer the question. O decrease. O increase.25 Demand tends to be Multiple Choice points 8 01:22:53 O neither elastic nor inelastic in the long term. O more elastic in the short term than in the long term. O equally elastic in the short term and in the long term. O more inelastic in the short term than in the long term