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. 300 275 250 Total Revenue 225 200 175 PRICE (Dollars per bike) 150 125 100 75 50 Demand 10 20 30 40 50 70 80 9 100 110 120 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. (? 10600 9800 Total Revenue 9000 8200 740 TOTAL REVENUE (Dollars) 6600 5800 5000 4200 3400 0 25 50 75 100 125 150 175 200 225 250 275 300 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 $125 per bike, shown as point B on the initial graph. Because the demand between points A and B is , a $25-per-bike increase in price will lead to in total revenue per day. In general, in order for a price decrease to cause a decrease in total revenue, demand must be