The following graph illustrates the weekly demand curve for motorized scooters in Roanoke. 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. 325 300 275 250 225 SO 200 175 150 125 100 75 0 0369 Demand qop 12 15 18 21 24 27 30 33 36 39 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 $50, $75, $100, $125, $150, $175, and $200 per scooter. 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. 2010 2430 2250 2070 1000 1710 1530 1350 1170 900 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 Suppose the price of scooters is currently $125 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
The following graph illustrates the weekly demand curve for motorized scooters in Roanoke. 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. 325 300 275 250 225 SO 200 175 150 125 100 75 0 0369 Demand qop 12 15 18 21 24 27 30 33 36 39 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 $50, $75, $100, $125, $150, $175, and $200 per scooter. 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. 2010 2430 2250 2070 1000 1710 1530 1350 1170 900 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 Suppose the price of scooters is currently $125 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:The following graph illustrates the weekly demand curve for motorized scooters in Roanoke.
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.
325
300
275
www
225
200
175
125
100
75
50
25
X4
xe
Demand
0369 12 15 18 21 24 27 30 33 36 39
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 $50, $75, $100, $125, $150,
$175, and $200 per scooter.
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)
2010 T
2430
2250
2070
1000
1710
1530
1350
1170
900
0 25 50 75 100 125 150 175 200 225 250 275 300 325
PRICE (Dolars per scooter)
Total Revenue
(?)
According to the midpoint method, the price elasticity of demand between points A and B is approximately Y
Suppose the price of scooters is currently $125 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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