Mostly need help with the graph, but a short explanation on how to arrive at the answer for the fill in the blank section would also be great. Thanks! The following graph shows the daily demand curve for bikes in Denver.Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve.Note: You will not be graded on any changes made to this graph.300275250Total Revenue2252001751501251007550B25Demand918273645546372819099108QUANTITY (Bikes)PRICE (Dollars per bike) 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.95408820Total Revenue81007380666059405220450037803060255075100 125 150175 200 225 250 275 300PRICE (Dollars per bike)According to the midpoint method, the price elasticity of demand between points A and B is approximatelySuppose the price of bikes is currently $25 per bike, shown as point B on the initial graph. Because the demand between points A and B isa $25-per-bike increase in price will lead toin total revenue per day.In general, in order for a price decrease to cause a decrease in total revenue, demand must beTOTAL REVENUE (Dollars)

Elasticity of demand depicts how much consumer responds with the change in the price level.

The following graph shows the daily demand curve for bikes in Denver. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand cu. Note: You will not be graded on any changes made to this graph. 300 275 250 Total Revenue 225 200 175 150 125 100 75 A 50 B 25 Demand 9 18 27 36 45 54 63 72 81 90 99 108 QUANTITY (Bikes) PRICE (Dollars per bike)

The following graph shows the daily demand curve for bikes in Denver. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand cu. Note: You will not be graded on any changes made to this graph. 300 275 250 Total Revenue 225 200 175 150 125 100 75 A 50 B 25 Demand 9 18 27 36 45 54 63 72 81 90 99 108 QUANTITY (Bikes) PRICE (Dollars per bike)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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