First, it would be a HUGE waste of money.
It'd be stupid for the campaign to do it.
Broadcast and cable advertising is less important in caucus states.
A very, very low percentage of people go to any caucus; fewer still stay around at the caucus to do the real work; and, finally, FEWER STILL do the necessary follow-up, which is going to the state convention to elect the national delegates.
The rates paid for advertising on television are for the entire audience, not for that tiny, tiny sliver of it the campaigns need to reach---those who will be at the GOP caucuses.
What IS important in the caucus states is boots on the ground. None of the other candidates have the organization of Ron Paul.
Mitt Romney has some since he ran last time and since he's well funded, but even he can't match the numbers and fervor of the Ron Paul supporters.
With ALOT of money a candidate might want to do some broadcast and cable advertising...but it'd be spending a ton of money per delegate, and you won't often see that.
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