On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $40, $60, $80, $100, $120 $140, and $160 per bike. (? 6250 5820 Total Revenue 5390 4980 + 4530 4100 + 3670 3240 + 2810 2380 20 40 60 80 100 120 140 180 180 200 220 240 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 $60 per bike, shown as point B on the initial graph. Because the demand between points A and B is , a $20-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 TOTAL REVENUE (Dollars)

On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $40, $60, $80, $100, $120 $140, and $160 per bike. (? 6250 5820 Total Revenue 5390 4980 + 4530 4100 + 3670 3240 + 2810 2380 20 40 60 80 100 120 140 180 180 200 220 240 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 $60 per bike, shown as point B on the initial graph. Because the demand between points A and B is , a $20-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 TOTAL REVENUE (Dollars)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Explicit and Implicit Cost Analysis

The entire idea of the cost of production or production cost is applied corresponding or we can say that it is related to money cost. Money cost refers to any money expenditure which the firm or supplier or producer undertakes in purchasing or hiring factors of production or factor services.

Question

On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $40, $60, $80, $100, $120
$140, and $160 per bike.
6250
5820
Total Revenue
5390
490
4530
4100
3670
3240
2810
2380
20
40 60 80
100 120 140 180 180 200 220 240
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 $60 per bike, shown as point B on the initial graph. Because the demand between points A and B is
, a $20-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
TO TAL REVENUE (Dollars)

The following graph shows the daily demand curve for bikes in San Francisco.
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.
240
220
200
Total Revenue
180
180
140
120
100
A
80
B
60
40
20
Demand
18
27
36
45
54
63
72
81
90
99
108
QUANTITY (Bikes)
PRICE (Dollars per bike)

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