女 LL R 50 30 20 S. 10 2 70 50 40 20 10 PRICE (Dollars per bike) 6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Dallas. 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. 120 110 Total Revenue 06 09 A 30 B. Demand 15 25 35 40 45 55 09 MacBook Pro Search or type URL +, & 2$ 3. 4. H. F. 20 10 TOTAL REVENUE (Dollars) On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $20, $30, $40, $50, $60, $70. and $80 per bike. 1740 1620 Total Revenue 000 1380 1140 1020 006 780 + 06 100 110 120 099 40 09 30 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 , a $10-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 be MacBook Pro G Search or type URL & 4. 5. 9. 7. 081 6 R. M B.

女 LL R 50 30 20 S. 10 2 70 50 40 20 10 PRICE (Dollars per bike) 6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Dallas. 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. 120 110 Total Revenue 06 09 A 30 B. Demand 15 25 35 40 45 55 09 MacBook Pro Search or type URL +, & 2$ 3. 4. H. F. 20 10 TOTAL REVENUE (Dollars) On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $20, $30, $40, $50, $60, $70. and $80 per bike. 1740 1620 Total Revenue 000 1380 1140 1020 006 780 + 06 100 110 120 099 40 09 30 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 , a $10-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 be MacBook Pro G Search or type URL & 4. 5. 9. 7. 081 6 R. M B.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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