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6. Elasticity and total revenue The following graph shows the dally demand curve for bikes in New York City. 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. 300 275 250 225 Total Revenue 175 150 125 100 75 50 03 6912 1518 21 24 27 30 33 36 QUANTITY (Bikes)
On the following graph, use the green point (triangle symbol to plot the annual total revenue when the market price is $50, $75, $100, $125, $150, $175, and $200 per bike 3180 T 2940 Total Revenue 2700 2460 2220 1980 740 1500 1260 1020 0 25 60 75 100 125 150, 176 200 226 250 275 300 PRICE (Dollars per bike) According to the midpoint method, the price elasticity of demand between points A and 8 is approximately Suppose the price of bikes is currently $125 per bike, shown as point A on the initial graph. Because the demand between points A and B is a $25-per-bike decrease in price will 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 Grade it Now Save & Continue
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