6. Elasticity and total revenueThe 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.PRICE (Dollars per scooter)130120TOTAL REVENUE (Dollars)1101009080 +70605040302010024802240200017601520On 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.12801040800560A+0320B10 20 30+0 10 20Demand++40 50 60 70 80 90 100 110 120 130QUANTITY (Scooters)Total Revenue30 40 50 60 70 80 90 100 110 120 130PRICE (Dollars per scooter)Total Revenue(?)(?)According to the midpoint method, the price elasticity of demand between points A and B is approximatelySuppose 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 toin total revenue per week.In general, in order for a price decrease to cause a decrease in total revenue, demand must beY

Demand curve depicts the inverse relationship between price and quantity demanded, keeping other…

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. CE (Dollars per scooter) 130 REVENUE (Dollars) 120 110 100 90 80 70 60 50 40 30 20 10 0 2400 2240 2000 1760 1520 1280 1040 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. 800 560 4 320 0 A 0 + B 10 20 30 Demand 40 50 60 70 80 90 100 110 120 130 QUANTITY (Scooters) 10 20 30 40 50 Total Revenue. 60 70 80 90 100 110 120 130 Total Revenue (? (?)

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. CE (Dollars per scooter) 130 REVENUE (Dollars) 120 110 100 90 80 70 60 50 40 30 20 10 0 2400 2240 2000 1760 1520 1280 1040 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. 800 560 4 320 0 A 0 + B 10 20 30 Demand 40 50 60 70 80 90 100 110 120 130 QUANTITY (Scooters) 10 20 30 40 50 Total Revenue. 60 70 80 90 100 110 120 130 Total Revenue (? (?)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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