On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $50, $75, $100, $125, $150, $175, and $200 per bike. (? 10800 9800 Total Revenue 9000 8200 7400 6800 5800 5000 4200 3400 25 50 75 100 125 150 175 200 225 250 275 300 PRICE (Dollars per bike) According to the midpoint method, the price elasticity of demand between points A and B is approximately Suppose the price of bikes is currently $200 per bike, shown as point A on the initial graph. Because the demand between points A and B is , a $25-per-bike decrease in price will lead to v in total revenue per day. In general, in order for a price increase to cause a decrease in total revenue, demand must be TOTAL REVENUE (Dollars)

On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $50, $75, $100, $125, $150, $175, and $200 per bike. (? 10800 9800 Total Revenue 9000 8200 7400 6800 5800 5000 4200 3400 25 50 75 100 125 150 175 200 225 250 275 300 PRICE (Dollars per bike) According to the midpoint method, the price elasticity of demand between points A and B is approximately Suppose the price of bikes is currently $200 per bike, shown as point A on the initial graph. Because the demand between points A and B is , a $25-per-bike decrease in price will lead to v in total revenue per day. In general, in order for a price increase to cause a decrease in total revenue, demand must be TOTAL REVENUE (Dollars)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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