On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $30, $45, $60, $75, $9 $105, and $120 per bike. 1280 1200 Total Revenue 1120 1040 960 880 800 720 640 500 15 30 45 60 75 90 105 120 135 150 165 180 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 v a $15-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)

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $30, $45, $60, $75, $90,
$105, and $120 per bike.
1280
1200
Total Revenue
1120 -
1040
980
880
800
720
640
560
o15 30
45
60
75
90
105 120
135
150 165
180
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 $15-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)
Transcribed Image Text:On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $30, $45, $60, $75, $90, $105, and $120 per bike. 1280 1200 Total Revenue 1120 - 1040 980 880 800 720 640 560 o15 30 45 60 75 90 105 120 135 150 165 180 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 $15-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)
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