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On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $20, $30, $40, $50, $60, $70 and $80 per bike 1300 1200 Total Revenue 1100 1000 Ш 900 800 700 600 500 0 10 20 30 40 50 60 70 80 90 100 110 120 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 $30 per bike, shown as point A on the initial graph. Because the demand between points A and B is ,a $10-per-bike decrease in price wil lead to in total revenue per day. In general, in order for a price increase to cause an increase in total revenue, demand must be

Options available:

a. 0 0.26 3.8 7.5 ately

b. elastic inelastic midpoir unit elastic rice of bike , a $1

c. a decrease nd an increase ts no change iti to

d. elastic a inelastic nd be unit elastic

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Answer #1

if any doubt please let me know

Inelastic demand in economics is when people buy about the same amount whether the price drops or rises. That happens with things people must have, like gasoline. ... It describes how much demand changes when the price does.

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