6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in San Diego. Use the green r

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6 Elasticity And Total Revenue The Following Graph Shows The Daily Demand Curve For Bikes In San Diego Use The Green R 1 (34.43 KiB) Viewed 11 times

6 Elasticity And Total Revenue The Following Graph Shows The Daily Demand Curve For Bikes In San Diego Use The Green R 2 (35.53 KiB) Viewed 11 times

6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in San Diego. 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 bike) 300 275 250 225 200 175 150 125 100 75 50 25 0 0 9 18 27 36 45 54 63 72 81 QUANTITY (Bikes) B Demand 90 99 108 Total Revenue
On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $50, $75, $100, $175, and $200 per bike. TOTAL REVENUE (Dollars) 9540 8820 8100 7380 6660 5940 5220 4500 3780- 3000 0 25 50 75 100 125 150 175 200 225 250 275 300 PRICE (Dollars per bike) Total Revenue ? 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 , 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