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) 8700 8100 7500 6900 6300 5700 $100 4500 3900 3300 0 25 50 75 100 125 150 175 200 225 250 275 300 325 PRICE (Dollars per scooter) 4 Total Revenue Ⓡ According to the midpoint method, the price elasticity of demand between points A and B is approximately 0.47 Suppose the price of scooters is currently $200 per scooter, shown as point A on the initial graph. Because the demand between points A and B is a $25-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
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) 8700 8100 7500 6900 6300 5700 $100 4500 3900 3300 0 25 50 75 100 125 150 175 200 225 250 275 300 325 PRICE (Dollars per scooter) 4 Total Revenue Ⓡ According to the midpoint method, the price elasticity of demand between points A and B is approximately 0.47 Suppose the price of scooters is currently $200 per scooter, shown as point A on the initial graph. Because the demand between points A and B is a $25-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
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text: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)
8700
8100
7500
6900
6300
5700
$100
4500
3900
3300
0 25 50 75 100 125 150 175 200 225 250 275 300 325
PRICE (Dollars per scooter)
Total Revenue
?
According to the midpoint method, the price elasticity of demand between points A and B is approximately 0.47
Suppose the price of scooters is currently $200 per scooter, shown as point A on the initial graph. Because the demand between points A and B is
a $25-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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