If I want to hire someone fairly cheap to create a video commercial for my local event, how much should I expect to pay? Detail please.?

You're going to get what you pay for. If you're trying to be cheap it's going to to look cheaply and poorly made. You're not going to be able to hire a professional that will produce a good, quality, video commercial that knows what they're doing without paying their fees unless, by chance, it's for a charity or fund raiser for a good cause and the artist offers to do it for free to help out.

Paying to have the video made is one thing. Paying to have it on tv if that's where you're planning on advertising it is another thing completely. TV commercials targeted at a specific area at specific times of day usually cost a minimum of $5000 to run a certain number of times (30 or so times) and that's just paying for the advertising time/space, not including the cost of having the commercial made so you have something to air in the space you buy.