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PRICE (Dollars per bippity TOTAL REVENUE (Dollars) 2400 2200 2000 1400 1200 1000 800 60 1800 + 600 50 1600 + 400 40 Calculate the daily total revenue when the market price is $90, $80, $70, $60, $50, $40, $30, and $20 per bippitybop. Then, use the green point (triangle symbol) to plot the daily total revenue against quantity corresponding to these market prices on the following graph. 20 0 10 0 200+ 0 + 0 *5 + 10 B Demand 10 20 30 40 50 60 70 QUANTITY (Bippitybops per day) 80 90 100 20 30 40 50 60 70 80 90 100 QUANTITY (Bippitybops per day) Total Revenue According to the midpoints formula, the price elasticity of demand between points A and B on the initial graph is approximately 0.01 In general, in order for a price increase to cause an increase in total revenue, demand must be 0.38 1 2.6 25 Suppose the price of bippitybops is currently $30 per bippitybop, shown as point A on the initial graph. Because the price elasticity of demand between points A and B is a $10-per-bippitybop decrease in price will lead to in total revenue per day. The following graph shows the daily demand curve for bippitybops in Detroit. 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. PRICE (Dollars per bippitybop) OTAL REVENUE (Dollars) 2400 1600 100 90 1200 80 1000 70 800 60 50 40 30 20 2200 + 10 2000 + 1800 + 0 1400 + Calculate the daily total revenue when the market price is $90, $80, $70, $60, $50, $40, $30, and $20 per bippitybop. Then, use the green point (triangle symbol) to plot the daily total revenue against quantity corresponding to these market prices on the following graph. (?) 0 ** B Demand 80 10 20 30 40 50 60 70 QUANTITY (Bippitybops per day) 90 100 Total Revenue A ? Total Revenue

PRICE (Dollars per bippity TOTAL REVENUE (Dollars) 2400 2200 2000 1400 1200 1000 800 60 1800 + 600 50 1600 + 400 40 Calculate the daily total revenue when the market price is $90, $80, $70, $60, $50, $40, $30, and $20 per bippitybop. Then, use the green point (triangle symbol) to plot the daily total revenue against quantity corresponding to these market prices on the following graph. 20 0 10 0 200+ 0 + 0 *5 + 10 B Demand 10 20 30 40 50 60 70 QUANTITY (Bippitybops per day) 80 90 100 20 30 40 50 60 70 80 90 100 QUANTITY (Bippitybops per day) Total Revenue According to the midpoints formula, the price elasticity of demand between points A and B on the initial graph is approximately 0.01 In general, in order for a price increase to cause an increase in total revenue, demand must be 0.38 1 2.6 25 Suppose the price of bippitybops is currently $30 per bippitybop, shown as point A on the initial graph. Because the price elasticity of demand between points A and B is a $10-per-bippitybop decrease in price will lead to in total revenue per day. The following graph shows the daily demand curve for bippitybops in Detroit. 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. PRICE (Dollars per bippitybop) OTAL REVENUE (Dollars) 2400 1600 100 90 1200 80 1000 70 800 60 50 40 30 20 2200 + 10 2000 + 1800 + 0 1400 + Calculate the daily total revenue when the market price is $90, $80, $70, $60, $50, $40, $30, and $20 per bippitybop. Then, use the green point (triangle symbol) to plot the daily total revenue against quantity corresponding to these market prices on the following graph. (?) 0 ** B Demand 80 10 20 30 40 50 60 70 QUANTITY (Bippitybops per day) 90 100 Total Revenue A ? Total Revenue

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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PRICE (Dollars per bippity TOTAL REVENUE (Dollars) 2400 2200 2000 1400 1200 1000 800 60 1800 + 600 50 1600 + 400 40 Calculate the daily total revenue when the market price is $90, $80, $70, $60, $50, $40, $30, and $20 per bippitybop. Then, use the green point (triangle symbol) to plot the daily total revenue against quantity corresponding to these market prices on the following graph. 20 0 10 0 200+ 0 + 0 *5 + 10 B Demand 10 20 30 40 50 60 70 QUANTITY (Bippitybops per day) 80 90 100 20 30 40 50 60 70 80 90 100 QUANTITY (Bippitybops per day) Total Revenue According to the midpoints formula, the price elasticity of demand between points A and B on the initial graph is approximately 0.01 In general, in order for a price increase to cause an increase in total revenue, demand must be 0.38 1 2.6 25 Suppose the price of bippitybops is currently $30 per bippitybop, shown as point A on the initial graph. Because the price elasticity of demand between points A and B is a $10-per-bippitybop decrease in price will lead to in total revenue per day.
Transcribed Image Text:PRICE (Dollars per bippity TOTAL REVENUE (Dollars) 2400 2200 2000 1400 1200 1000 800 60 1800 + 600 50 1600 + 400 40 Calculate the daily total revenue when the market price is $90, $80, $70, $60, $50, $40, $30, and $20 per bippitybop. Then, use the green point (triangle symbol) to plot the daily total revenue against quantity corresponding to these market prices on the following graph. 20 0 10 0 200+ 0 + 0 *5 + 10 B Demand 10 20 30 40 50 60 70 QUANTITY (Bippitybops per day) 80 90 100 20 30 40 50 60 70 80 90 100 QUANTITY (Bippitybops per day) Total Revenue According to the midpoints formula, the price elasticity of demand between points A and B on the initial graph is approximately 0.01 In general, in order for a price increase to cause an increase in total revenue, demand must be 0.38 1 2.6 25 Suppose the price of bippitybops is currently $30 per bippitybop, shown as point A on the initial graph. Because the price elasticity of demand between points A and B is a $10-per-bippitybop decrease in price will lead to in total revenue per day.
The following graph shows the daily demand curve for bippitybops in Detroit. 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. PRICE (Dollars per bippitybop) OTAL REVENUE (Dollars) 2400 1600 100 90 1200 80 1000 70 800 60 50 40 30 20 2200 + 10 2000 + 1800 + 0 1400 + Calculate the daily total revenue when the market price is $90, $80, $70, $60, $50, $40, $30, and $20 per bippitybop. Then, use the green point (triangle symbol) to plot the daily total revenue against quantity corresponding to these market prices on the following graph. (?) 0 ** B Demand 80 10 20 30 40 50 60 70 QUANTITY (Bippitybops per day) 90 100 Total Revenue A ? Total Revenue
Transcribed Image Text:The following graph shows the daily demand curve for bippitybops in Detroit. 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. PRICE (Dollars per bippitybop) OTAL REVENUE (Dollars) 2400 1600 100 90 1200 80 1000 70 800 60 50 40 30 20 2200 + 10 2000 + 1800 + 0 1400 + Calculate the daily total revenue when the market price is $90, $80, $70, $60, $50, $40, $30, and $20 per bippitybop. Then, use the green point (triangle symbol) to plot the daily total revenue against quantity corresponding to these market prices on the following graph. (?) 0 ** B Demand 80 10 20 30 40 50 60 70 QUANTITY (Bippitybops per day) 90 100 Total Revenue A ? Total Revenue
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