The following graph shows the daily demand curve for bikes in San Diego. Use the green rectangle (triangle symbols) to c

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The Following Graph Shows The Daily Demand Curve For Bikes In San Diego Use The Green Rectangle Triangle Symbols To C 1 (51.21 KiB) Viewed 16 times

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) OTAL REVENUE (Dollars) 1730 1620 1510 1400 1290 1180 1070 960 850 180 740 165 150 135 120 105 90 75 60 45 30 15 0 On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $30, $45, $60, $75, $90, $105, and $120 per bike. 0 + 4 34 0 15 30 *8 Demand 8 12 16 20 24 28 32 QUANTITY (Bikes) 36 40 44 48 Total Revenue 45 60 75 90 105 120 135 150 165 180 PRICE (Dollars per bike) Total Revenue (?) (?) According to the midpoint method, the price elasticity of demand between points A and B is approximately 0.54 Suppose the price of bikes is currently $45 per bike, shown as point B on the initial graph. Because the demand between points A and B is a $15-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 Grade It Now Save & Continue