MindTap Assignment 3: Chapter 5 The following graph shows the daily demand curve for bippitybops in Calgary. Use the green rectangle ( triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be scored on any changes made to this graph. H Total Revenue '5 O. O .Q ' O. .9- .0 L o D. 2 E _o o v m 9 n: n. 0 10 20 30 40 50 60 TO 80 90 100110120 QUANTITY (Bippitybops per day) 0n the following graph, use the green point ( triangle symbol) to plot the daily total revenue when the market price is $50, $75, $100, $125, $150, $1 75, and $200 per bippitybop. CD 10600 * 9300 Total Revenue 9000 3 8 7400 6600 5800 TOTAL REVENUE (Dollars) 5000 4200 3400 | | | | | | | l l l l l 0 25 50 75 100 125 150 175 200 225 250 275 300 PRICE (Dollars per bippitybop) According to the midpoint method, the price elasticity of demand between points A and B on the initial graph is approximately v . Suppose the price of bippitybops is currently $125 per bippitybop, shown as point B on the initial graph. Because the price elasticity of demand between points A and B is V , a $25-per-bippitybop increase in price will lead to V in total revenue per day. In general, in order for a price decrease to cause a decrease in total revenue, demand must be v