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2. 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.

325 300 Total Revenue 250 PRICE (Dollars per scooter) B Demand 0 10 20 30 40 60 60 70 80 90 100 110 120 130 QUANTITY (Scooters) On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $50, $75, $100, $125, $150, $175, and $200 per scooter.On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $50, $75, $100, $125, $150, $175, and $200 per scooter. 8700 A 8100 Total Revenue 7800 $900 6300 TOTAL REVENUE (Dollars) 6700 6100 4800 2900 2300 0 25 80 76 100 125 180 176 200 225 280 276 300 325 PRICE (Dollars per scooter)According to the midpoint method, the price elasticity of demand between points A and B is approximately Suppose the price of scooters is currently $125 per scooter, shown as point B on the initial graph. Because the demand between points A and B is , a $25-per-scooter increase in price will lead to in total revenue per week. In general, in order for a price increase to cause a decrease in total revenue, demand must be