ZuoTi.Pro
Question

PLEASE DOUBLE CHECK MY WORK!!! WRITING MUST BE CLEAR TO READ!!!!

The tollowing graph shows the daily demand curve tor bikes in Houston. 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 275 250 225 200 2 175 T Total Revenue T150 125 T 0 10 20 30 40 50 60 70 80 90 100 110 120

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. 2 2 8 Total Revenue 9000 8200 ш 7400 6600 5800 0 25 50 75 100 125 150 175 200 225 250 275 300 PRICE (Dollars per bike) 8

According to the midpoint method, the price elasticity of demand between points A and B is approximately 1.67Y. Suppose the price of bikes is currently $200 per bike, shown as point A on the initial graph. Because the demand between points A and B is elastic ▼ , a $25-per-bike decrease in price will lead to an increase ▼ in total revenue per day. In general, in order for a price increase to cause a decrease in total revenue, demand must be elastic

0  

0.6

1.67

75.02

business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

All answers are correct including the graph.

Price elasticity of demand = (50 - 40) / (175 - 200) * (200+ 175) / (40 + 50)

                                          = (10 / -25) * (375 / 90)

                                          = 1.67

0 0
Add a comment
Know the answer?
Add Answer to:
PLEASE DOUBLE CHECK MY WORK!!! WRITING MUST BE CLEAR TO READ!!!! 0   0.6 1.67 75.02 The...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • PLEASE READ VERY CAREFULLY!! SHOW ALL THE CALCULATIONS! AND LIST ALL THE TOTAL REVENUE COORDINATE POINTS!!...

    PLEASE READ VERY CAREFULLY!! SHOW ALL THE CALCULATIONS! AND LIST ALL THE TOTAL REVENUE COORDINATE POINTS!! ANSWER OPTIONS FOR NUMBER 1: 0, 0.6, 1.67, 75.02 2. ELASTIC, UNIT ELASTIC, INELASTIC 3. A DECREASE, AN INCREASE, NO CHANGE 4. ELASTIC, UNIT ELASTIC, INELASTIC 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 Total Revenue 225 200 2...

  • The following graph shows the daily demand curve for bikes in New York City. Use the...

    The following graph shows the daily 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 Total Revenue 225 200 175 PRICE (Dollars per bike) 150 A 125 B 100 75 50 25 Demand 0 0 3 6 9 27 30 33 36 12 15 18 21 24...

  • 6. Elasticity and total revenue The following graph shows the dally demand curve for bikes in...

    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...

  • Attempts: Average: 1 4 6. Elasticity and total revenue The following graph shows the daily demand...

    Attempts: Average: 1 4 6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Denver. 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 a 200 Total Revenue We were unable to transcribe this imageWe were unable to transcribe this imageS 1740 1500 t 1260 1020 o 25 50...

  • Total Revenue PRICE (Dollars per bike) O HAHAHAHA 9 18 27 36 45 54 63 QUANTITY...

    Total Revenue PRICE (Dollars per bike) O HAHAHAHA 9 18 27 36 45 54 63 QUANTITY (Bikes) Demand 81 90 99 72 108 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. Total Revenue TOTAL REVENUE (Dollars) 3060 + 0 25 50 225 250 275 300 75 100 125 150 175 200 PRICE (Dollars per bike) According to...

  • Please graph both graphs. The fill in the blanks for the written are in order: (0,...

    Please graph both graphs. The fill in the blanks for the written are in order: (0, 0.47, 2.14, 45.01) (Elastic, inelastic, unit elastic) (A decrease, an increase, no change) (Elastic, inelastic, unit elastic) 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. 300 275 250 225 200 175 150 125 100 75 50 Total Revenue 0 612 18 24...

  • According to the midpoint method, the price elasticity of demandbetween points A and B is...

     The following graph shows the daily demand curve for bikes in Chicago. 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. 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.According to the midpoint method, the price elasticity of demand...

  • The following graph shows the daily demand curve for bikes in Detroit.

    The following graph shows the daily demand curve for bikes in Detroit. 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.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. According to the midpoint method, the price elasticity of demand between...

  • 6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in...

    6. Elasticity and total revenueThe following graph shows the daily demand curve for bikes in Dallas.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.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...

  • The following graph shows the daily demand curve for bikes in Detroit.

    6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Detroit. 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. 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. According to the midpoint method, the price...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT