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TOTAL REVENUE (Dollars) 6. Elasticity and total revenue The following graph illustrates the weekly demand curve for motorized scooters in Scottsdale. 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. 165 Total Revenue PRICE (Dollars per scooter) ཨཾ ཝཱ རྒ ཐུ ཝེ ཇ ྃ སྠཽ སྒོ ཐཾ ༀ ཨྃ གཽ 45 30 90 105 120 135 180 195 Demand 0 ° 3 6 12 15 18 21 24 27 30 33 QUANTITY (Scooters) On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $30, $45, $60, $75, $90, $105, and $120 per scooter. 1130 1020 910 800 690 580 470 360 250 ° 45 60 75 90 105 120 135 150 165 180 195 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 $30 per scooter, shown as point B on the initial graph. Because the demand between points A and B is , a $15-per-scooter increase in price will lead to in total revenue per week. In general, in order for a price increase to cause a decrease in total revenue, demand must be

TOTAL REVENUE (Dollars) 6. Elasticity and total revenue The following graph illustrates the weekly demand curve for motorized scooters in Scottsdale. 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. 165 Total Revenue PRICE (Dollars per scooter) ཨཾ ཝཱ རྒ ཐུ ཝེ ཇ ྃ སྠཽ སྒོ ཐཾ ༀ ཨྃ གཽ 45 30 90 105 120 135 180 195 Demand 0 ° 3 6 12 15 18 21 24 27 30 33 QUANTITY (Scooters) On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $30, $45, $60, $75, $90, $105, and $120 per scooter. 1130 1020 910 800 690 580 470 360 250 ° 45 60 75 90 105 120 135 150 165 180 195 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 $30 per scooter, shown as point B on the initial graph. Because the demand between points A and B is , a $15-per-scooter increase in price will lead to in total revenue per week. In general, in order for a price increase to cause a decrease in total revenue, demand must be

Principles of Economics 2e
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter5: Elasticity
Section: Chapter Questions
Problem 22RQ: What is the formula for line cross-price elasticity of demand?
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TOTAL REVENUE (Dollars) 6. Elasticity and total revenue The following graph illustrates the weekly demand curve for motorized scooters in Scottsdale. 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. 165 Total Revenue PRICE (Dollars per scooter) ཨཾ ཝཱ རྒ ཐུ ཝེ ཇ ྃ སྠཽ སྒོ ཐཾ ༀ ཨྃ གཽ 45 30 90 105 120 135 180 195 Demand 0 ° 3 6 12 15 18 21 24 27 30 33 QUANTITY (Scooters) On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $30, $45, $60, $75, $90, $105, and $120 per scooter. 1130 1020 910 800 690 580 470 360 250 ° 45 60 75 90 105 120 135 150 165 180 195 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 $30 per scooter, shown as point B on the initial graph. Because the demand between points A and B is , a $15-per-scooter increase in price will lead to in total revenue per week. In general, in order for a price increase to cause a decrease in total revenue, demand must be
Transcribed Image Text:TOTAL REVENUE (Dollars) 6. Elasticity and total revenue The following graph illustrates the weekly demand curve for motorized scooters in Scottsdale. 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. 165 Total Revenue PRICE (Dollars per scooter) ཨཾ ཝཱ རྒ ཐུ ཝེ ཇ ྃ སྠཽ སྒོ ཐཾ ༀ ཨྃ གཽ 45 30 90 105 120 135 180 195 Demand 0 ° 3 6 12 15 18 21 24 27 30 33 QUANTITY (Scooters) On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $30, $45, $60, $75, $90, $105, and $120 per scooter. 1130 1020 910 800 690 580 470 360 250 ° 45 60 75 90 105 120 135 150 165 180 195 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 $30 per scooter, shown as point B on the initial graph. Because the demand between points A and B is , a $15-per-scooter increase in price will lead to in total revenue per week. In general, in order for a price increase to cause a decrease in total revenue, demand must be
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