Homework (Ch 05) 6. Elasticity and total revenue The following graph illustrates the weekly demand curve for motorized scooters in Madison. 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. (?) Total Revenue 5 8 5 8 3 8 5 5 8 3 8 8 3 PRICE (Dollars per scooter) Demand 12 15 18 21 24 27 30 33 36 39 QUANTITY (Scooters) On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $30, $45, $60, $75, $90, $105, and $120 per scooter. SearchOn the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $30, $45, $60, $75, $90, $105, and $120 per scooter. (?) 1130 1020 Total Revenue 910 800 690 TOTAL REVENUE (Dollars) 580 470 180 250 140 0 15 30 45 60 75 90 105 120 135 150 165 180 195 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 $30 per scooter, shown as point B on the initial graph. Because the demand between points A and B is a $15-per-scooter increase in price will lead to in total revenue per week. In general, in order for a price decrease to cause a decrease in total revenue, demand must be Grade It Now Save & Continue Continue without saving