Accessories Wildflower X '1' External links - MFE1 - Se x 3" WA 3 - Limits involving in X a Course Hero MindTap - Cengage Learn X C |Chegg.com C l ng.cengage1com',,1, , ,1 1 , 1, ',1',,,1,2,1' ', , , L ,1 , ',11'1,11',";,11,1,,- J [1] {z >> ':~ CENGAGE MINDTAP Q Search this course Homework Ch 5 - A o x 0n 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, $1 75, and $200 per bike. 9E1} \\?/ 5220 W A 1: 4550 W Total Revenue 5 4500 -- u E g 4140 W a 9 g m 3780 W 3 z m g m 3420 W n: .1 f5 3050 W O l- 2700 -- 2340 W 1980 1 1 1 1 1 1 1 1 1 1 1 1 o 25 so 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 V . Suppose the price of bikes is currently $175 per bike, shown as point B on the initial graph. Because the demand between points A and B is V , a $25-per-bike increase in price will lead to V in total revenue per day In general, in order for a price decrease to cause an increase in total revenue, demand must be V . Accessories - Wildflower C X External links - MFE 1 - Sec x * WA 3 - Limits involving infir x *Course Hero X MindTap - Cengage Learnir X | Chegg.com C ng.cengage.com/staticb/ui/evo/index.html? deploymentld=598281249651270263842165013&elSBN=9780357133606&id=1539170187&snapshotld=303056... A CENGAGE | MINDTAP Q Search this course ? Homework Ch 5 - A X 5. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Detroit. A-Z 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 bongo 250 Total Revenue 225 200 * A 175 150 PRICE (Dollars per bike) 125 A+ 100 75 50 Demand O 0 6 12 18 24 30 36 42 48 54 60 66 72 QUANTITY (Bikes)