Econ Help: The following graph shows the daily demand curve for bippitybops in M

Question

Econ Help:

The following graph shows the daily demand curve for bippitybops in Miami. 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. 275 Total Revenue 200 175 150 100 75 Demand 3 6 9 12 15 18 21 24 27 30 33 36 QUANTITY (Bippitybops) 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 bippitybop.

Explanation / Answer

Answer to 1st blank: -0.34    (Explanation: E = (3/-25) * (125/44) = -0.34)

Answer to 2nd blank: inelastic

Answer to 3rdblank: increase

Answer to 4th blank: Elastic

Price($) Quantity(units) TR($) 50 24 1200 75 21 1575 100 18 1800 125 15 1875 150 12 1800 175 9 1575 200 6 1200

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