TOTAL EVENUE (Dollar 1940 4. Elasticity and total revenue The following graph shows the daily demand curve for bippitybops in Houston. 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 bippitybop) 150 Total Revenue 16 20 24 QUANTITY (Bippitybops) Demand ? 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 bippitybop. 1640 1500 15 60 75 90 105 120 135 160 165 180 PRICE (Dollars per bippitybop) Total Revenue According to the midpoint method, the price elasticity of demand between points A and B on the initial graph is approximately, Suppose the price of bippitybops is currently $120 per bippitybop, shown as point A on the initial graph. Because the price elasticity of demand between points A and B is , a $15-per-bippitybop decrease in price will lead to In general, in order for a price increase to cause a decrease in total revenue, demand must be in total revenue per day.

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