You recently got a job as an usher at the nearby movie theater. last night, you had the opportunity to work but decided to take your very first vacation day. suppose you could have earned $11 per hour for three hours of work. instead, you went to a movie yourself, where you spent $13 on a ticket and popcorn.

Total marketing effort is a term used to describe the critical decision factors that affect demand: price, advertising, distribution, and product quality. define the variable x to represent total marketing effort. a typical model that is used to predict demand as a function of total marketing effort is based on the power function: d = axb suppose that a is a positive number. different model forms result from varying the constant b. sketch the graphs of this model for b = 0, b = 1, 0< b< 1, b< 0, and b> 1. (we encourage you to use excel to do this.) what does each model tell you about the relationship between demand and marketing effort? what assumptions are implied? are they reasonable? how would you go about selecting the appropriate model?