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 B on the initial graph. Because the demand between points A and B is a $25-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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- 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. (?) 240 220 200 Total Revenue 180 + 180 140 120 100 A 80 B 60 40 20 Demand + 18 27 36 45 54 63 72 81 90 99 108 QUANTITY (Bikes) PRICE (Dollars per bike)The following graph shows the daily demand curve for bikes in San Francisco. 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. 240 220 200 Total Revenue 180 180 140 120 100 A 80 B 60 40 20 Demand 18 27 36 45 54 63 72 81 90 99 108 QUANTITY (Bikes) PRICE (Dollars per bike)Bob of Bob's Burgers used to charge $2.20 for a certain hamburger and sold 4000 units. When he increased the price by $1, he sold 3000 units. Calculate the hamburger's price elasticity of demand using the technique in the PowerPoints and text. You will use this information again in the next question.Enter only numbers, a decimal point, and/or a negative sign as needed. Round all intermediate steps to four decimal places and your final answer to two decimal places.
- The following graph shows the daily demand curve for bikes in Denver. 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. 240 220 200 Total Revenue 180 160 140 120 100 80 60 40 20 Demand 9 18 27 36 45 54 63 72 81 90 99 108 QUANTITY (Bikes) PRICE (Dollars per bike)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. PRICE (Dollars per scooter) 300 275 250 200 175 150 125 100 75 50 0 0 + 3 6 9 x 4 * B Demand 12 15 18 21 24 27 QUANTITY (Scooters) 30 33 36 39 Total Revenue ?(1) The graph below shows the demand curves of two products by Ghana Nuts Company Ltd. Use the information provided on the graph to answer the questions that follow: Price Cedis per gallon 30 B 25 D1 D2 200 225 300 Quantity (gallons per day) (a) Calculate the price elasticity of demand for D, between point A and point C, and the price elasticity of demand for D2 between point A and point B. which of the two demand curve is more elastic? Briefly explain. (b) Suppose Ghana Nut is initially selling 200 gallons per day at a price of C30.00 per gallon, calculate the total revenue for Ghana Nuts Company Ltd. at price C30. If they cut the price to C25.00 per gallon and their demand curve is D1, what will be the change in their revenue? What will be the change in their revenue if demand curve is D2? 2. Suppose quantity demanded of beans increase from 1500 bags to 1800 bags as a result of an increase in the price of rice from GH¢80 to GH¢100. Calculate the cross price elasticity of demand for…
- Do not answer question on screen. Question: Can you please draw the graph as a supply and demand graph that includes Alex labels. Such as pricing and quantityA sporting goods store has estimated the demand for a popular brand of running shoes as given in the table below. Price per unit Shoe sales (OMR) 60 50 40 30 20 10 per 100 200 300 400 500 600 week Graphically present the table to get a demand curve. If the store charges a price of 50 OMR, then increases this price to 60 OMR, estimate price elasticity of demand. Analyze the total revenue before and after the price change.es The table below depicts the demand for sunscreen at Daytona Beach. Demand for Sunscreen Price (dollars) $20.00 18.00 16.00 14.00 12.00 10.00 8.00 6.00 4.00 Quantity (bottles) Total Revenue (dollars) 0 800 2,800 4,800 6,800 8,800 10,800 12,800 14,800 1222 Instructions: Enter your answer as a whole number. If you are entering a negative number include a minus sign. a. Fill in the total revenue column. b. When the price of a bottle of sunscreen decreases from $18.00 a bottle to $16.00 a bottle, what is the change in total revenue? $ c. When the price of a bottle of sunscreen decreases from $14.00 a bottle to $10.00 a bottle, what is the change in total revenue?
- 6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Chicago. 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. 120 110 Total Revenue 100 90 80 70 60 40 A 30 20 10 Demand 16 24 32 40 48 56 64 72 80 88 96 QUANTITY (Bikes) PRICE (Dollars per bike) 50In 2019, a ski resort increased the prices it charged for one-day ski passes and season passes. If someone buys a season pass, he can ski as many days as he wishes. The table below provides information on the prices and the number of passes sold in 2018 and 2019. Type of Pass One day Season Price in 2018 x 34000 $60 $1,200 Number of Passes Sold in 2018 5,000 250 Price in 2019 $80 $1,400 Given the information in the table, we know that the revenue earned from selling day passes changed by $ 52000 , and the revenue earned from selling season passes changed by $ Number of Passes Sold in 2019 3,100 190 From the answers to Part 1, we know that the demand for day passes is elastic demand for season passes is inelastic and theThe 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) 195 180 165 150 135 120 105 90 75 60 45 30 15 0 + + 0 3 6 9 A B Demand ++ 12 15 18 21 24 27 30 QUANTITY (Scooters) 33 36 39 22 Total Revenue ?