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On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $20, $30, $40, $50, $60, $70 and $80 per scooter.

On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $20, $30, $40, $50, $60, $70 and $80 per scooter.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The following graph illustrates the weekly demand curve for motorized scooters in Moline. 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. 130 120 110 100 PRICE (Dollars per scooter) 8 8 8 8 8 90 80 70 60 50 40 30 20 10 0 0 A B 10 20 30 40 Demand 50 60 70 80 90 100 110 120 130 QUANTITY (Scooters) Total Revenue ?
Transcribed Image Text:The following graph illustrates the weekly demand curve for motorized scooters in Moline. 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. 130 120 110 100 PRICE (Dollars per scooter) 8 8 8 8 8 90 80 70 60 50 40 30 20 10 0 0 A B 10 20 30 40 Demand 50 60 70 80 90 100 110 120 130 QUANTITY (Scooters) Total Revenue ?
On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $20, $30, $40, $50, $60, $70 and $80 per scooter. TOTAL REVENUE (Dollars) 2480 2240 2000 1760 1520 1280 1040 800 560 320 0 10 20 30 40 50 60 70 80 90 100 110 120 130 PRICE (Dollars per scooter) Total Revenue ? According to the midpoint method, the price elasticity of demand between points A and B is approximately Suppose the price of scooters is currently $80 per scooter, shown as point A on the initial graph. Because the demand between points A and B is , a $10-per-scooter decrease in price will lead to in total revenue per week. In general, in order for a price decrease to cause a decrease in total revenue, demand must be
Transcribed Image Text:On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $20, $30, $40, $50, $60, $70 and $80 per scooter. TOTAL REVENUE (Dollars) 2480 2240 2000 1760 1520 1280 1040 800 560 320 0 10 20 30 40 50 60 70 80 90 100 110 120 130 PRICE (Dollars per scooter) Total Revenue ? According to the midpoint method, the price elasticity of demand between points A and B is approximately Suppose the price of scooters is currently $80 per scooter, shown as point A on the initial graph. Because the demand between points A and B is , a $10-per-scooter decrease in price will lead to in total revenue per week. In general, in order for a price decrease to cause a decrease in total revenue, demand must be
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