On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $40, $60, $80, $100, $120, $140, and $160 per bike. 6250 5820 Total Revenue 5390 4980 4530 4100 3670 3240 2810 2380 O 20 40 60 80 100 120 140 180 180 200 220 240 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 $60 per bike, shown as point B on the initial graph. Because the demand between points A and B is , a $20-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)

On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $40, $60, $80, $100, $120, $140, and $160 per bike. 6250 5820 Total Revenue 5390 4980 4530 4100 3670 3240 2810 2380 O 20 40 60 80 100 120 140 180 180 200 220 240 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 $60 per bike, shown as point B on the initial graph. Because the demand between points A and B is , a $20-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)

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter5: Buying The Necessities

Section: Chapter Questions

Problem 20AA

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