6. 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. 130 120 + 1o 7 Total Revenue 100 - 70 g PRICE (Dollars per scooter) B 2 | | B 20 1 =+ 10 Demand o+ + t + + + + { 0 & 16 24 32 40 48 56 64 72 B0 &8 96 104 QUANTITY (Scooters) On the folfowing graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $20, $30, $40, $50, $60, $70, and $80 per scooter. 2260 A 2120 + Total Revenue 1280 + 1700 + 1420 + TOTAL REYENUE (Dollars) 1280 + 140 + 1000 + 0 10 20 30 40 50 60 70 20 90 100 110 120 130 PRICE (Dollars per scooter) According to the midpoint method, the price elasticity of demand between points A and B is approximately W . Suppose the price of scooters is currently $20 per scooter, shown as point B on the initial graph. Because the demand between points A and B is W, a $10-per-scooter increase in price will lead to w in total revenue per week. In general, in order for a price increase to cause a decrease in total revenue, demand must be v