disregard the first picture please
I tried to fit everything from the question into the same screen and hopefully you can read it and see it better than the other pictures. Thank you!
On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $50, $75, $100, $125, $150, $175, and $200 per bike.
TOTAL REVENUE (Dollars)
10000
9800
9000
8200
7400+
6000
5800
5000
4200
3400
0 25
50
75
100 125 150 175 200 225 250 275 300 PRICE (Dollars per bike)
Total Revenue
According to the midpoint method, the price elasticity of demand between points A and B is approximately,
Suppose the price of bikes is currently $200 per bike, shown as point A on the initial graph. Because the demand between points A and B is
a $25-per-bike decrease in price will lead to
in total revenue per day.
In general, in order for a price increase to cause a decrease in total revenue, demand must be.