7. Elasticity and total revenueThe following graph illustrates the weekly demand curve for motorized scooters in Roanoke.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.PRICE (Dollars per scooter)32530027525022520017515012510075502500369*1846Demand12 15 18 21 24 27 30 33 36 39QUANTITY (Scooters)Total Revenue? 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.TOTAL REVENUE (Dollars)2610243022502070180017101530135011709900 25 50 75 100 125 150 175 200 225 250 275 300 325PRICE (Dollars per scooter)Total Revenue?According to the midpoint method, the price elasticity of demand between points A and B is approximately 0.69Suppose the price of scooters is currently $125 per scooter, shown as point A on the initial graph. Because the demand between points A and B isInelastica $25-per-scooter decrease in price will lead to a decrease in total revenue per week.In general, in order for a price decrease to cause a decrease in total revenue, demand must be Inelastic

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Answered: 7. Elasticity and total revenue The…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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