2. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Miami. 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 240 2020 200 Total Revenue 0 100 1.00 PRICE (Dallas perbke 120 100 CO 50 40 20 Demand 12 3 16 30 24 QUANTITY (B) On the following graph, use the green point (triangle symbol) to pict the annual total revenue when the market prices $40, 560, S80, 100, 120, $140, and 5160 per bike. 2770 2580 2390 Total Rene 2200 2010 TOTAL REVENUE Dollers 16.30 1930 1446 1250 100 20 + 1000000 PRICE (Dars per te TOTA 16:30 1440 1250 0 TOGO 0 2008th 100 1200 200 PRICE Dolars per bike) 047 2014 30.01 According to the coldgiant method, the pricestety of demand between points and many Suppose the price of currently the price hospitaal graph Because the dead between points and 3 perder price will in the per th general in onder al centre derin total demant must be Grade It Now Save & Continue 1340 100 1140 2003 PRICE Dolar per te laste Inelastic midpoint method, the price elasticity or domand buwan points A and B is app unit Nice of currently to per bike shown as point on the graphic demand between poland $30 perbike in price widt total de In generating for price increase a decent demand me Grade it Now Save & Continue Continue without saving 1250 0 20 100 100 130 140 100 150 200 2200 PRICE (Doliampet ) decrease According to the midpoint method, the prior elasticity of demand an increases and approximately na change Suppose the price of bike is currently $260 per biko, shown as 520 per decrease in price will lead to graph Because the demand between points and in total revenue per day In general in order for price increase to cause den total revenue demand must be Grade It Now Save & Continue Core without sag