According to the midpoint method-price elasticity of demand

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Reference no: EM13869352

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.

According to the midpoint method, the price elasticity of demand between points A and B 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 total revenue per day.

In general, in order for a price increase to cause a decrease in total revenue, demand must be__________ .

Reference no: EM13869352

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