2. Elasticity and total revenue The following graph illustrates the weekly demand curve for motorized scooters in Wilmington. 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. 325 300 275 Total Revenue 250 PRICE (Dollars per scooter) 75 50 B 25 Demand 0On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $50, $75, $100, $125, $150, $175, and $200 per scooter. 7830 4 7290 Total Revenue 6750 6210 5670 TOTAL REVENUE (Dollars) 5130 4590 4050 3510 2970 25 50 75 100 125 150 175 200 225 250 275 300 325 PRICE (Dollars per scooter)According to the midpoint method, the price elasticity of demand between points A and B is approximately V . Suppose the price of scooters is currently $25 per scooter, shown as point B on the initial graph. Because the demand between points A and B is V , a $25perscooter increase in price will lead to Y in total revenue per week. In general, in order for a price increase to cause a decrease in total revenue, demand must be 7