ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Question

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. 300 275 250 Total Revenue 225 200 175 150 125 100 75 50 B 25 Demand 9 18 27 36 45 54 63 72 81 90 99 108 QUANTITY (Bikes) PRICE (Dollars per bike)
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Transcribed Image Text: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. 300 275 250 Total Revenue 225 200 175 150 125 100 75 50 B 25 Demand 9 18 27 36 45 54 63 72 81 90 99 108 QUANTITY (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. 9540 8820 Total Revenue 8100 7380 6660 5940 5220 4500 3780 3060 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 $25 per bike, shown as point B on the initial graph. Because the demand between points A and B is a $25-per-bike increase in price will lead to in total revenue per day. In general, in order for a price decrease to cause a decrease in total revenue, demand must be TOTAL REVENUE (Dollars)
expand button
Transcribed Image Text: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. 9540 8820 Total Revenue 8100 7380 6660 5940 5220 4500 3780 3060 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 $25 per bike, shown as point B on the initial graph. Because the demand between points A and B is a $25-per-bike increase in price will lead to in total revenue per day. In general, in order for a price decrease to cause a decrease in total revenue, demand must be TOTAL REVENUE (Dollars)
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