Elasticity and total revenue

The following graph shows the daily demand curve for bikes in Denver.

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.

Search CENGAGE | MINDTAP odule Three Quiz On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $30, $45, $60, $75, $90, $105, and $120 per bike. (? 1280 1200 Total Revenue 1120 1040 960 TOTAL REVENUE (Dollars) 880 800 720 640 580 O 15 30 45 60 75 90 105 120 135 150 165 180 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 $30 per bike, shown as point B on the initial graph. Because the demand between points A and B is 7, a $15-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 beModule Three Quiz X 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. A-Z (?) O 180 165 150 Total Revenue PRICE (Dollars per bike) 6 8 6 8 3 8 8 8 8 A B A+ Demand 3 6 9 12 15 18 21 24 27 30 33 36 QUANTITY (Bikes) O On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $30, $45, $60, $75, $90, $105, and $120 per bike