Price elasticity

by | Aug 8, 2021 | Assignment Help

This problem has 4 parts to it.1 – The graph (I attached the graph with my answers but do not know if it is correct)2-According to the midpoint method, the price elasticity of demand between points A and B on the initial graph is approximately    A.   0.1      B.   0.69        C.   1.44        D.   27      3-Suppose the price of bippitybops is currently $20 per bippitybop, shown as point B on the initial graph. Because the price elasticity of demand between points A and B is (elastic, inelastic, or unit elastic), a $5-per-bippitybop increase in price will lead to (a decrease, an increase, or no change). 4- In general, in order for a price decrease to cause a decrease in total revenue, demand must be (elastic, inelastic, or unit elastic).Thank you!Attachment 1Attachment 2Attachment 3Attachment 4Attachment 5

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