How much does it cost to test an advertisement?

Thats something only you can know as we don't know your CPA.

I would spend 2-3x of the amount of cash you make with a new customer. So If you got a 50$ product I would spend atleast 100-150$ to get some numbers
 
If you want to know whether an advertisement is good or not, how much does it cost per day and how many days does it take to test
Depends upon the product or service you sell.
It can take 2-3 weeks or more to correctly understand correctly if your advertisement is correctly placed and can it be scaled or not. Also, there is always room for improvement.
If you have positive ROI from day one which is rare to none you don't need to test anymore go all in.
Other than that if you no good results then you should try to see successful competitors in your niche from big to small.
Take inspiration from them and then try to do it again.
 
5 - 7 $ per ad set is good to know but make sure not to select too much audience
 
Last time I checked with Facebook support they said 5-7 days weekend must be included, so its a good idea to start like tuesday till Sunday for example
minimum daily payment is $30
 
There is no minimum to test.

Mr A can use $50 while Mr B can use $100.

It depends on you.
 
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