Question:

Hi, I was having a hard time with this problem. Please 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 1
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- Attachment 5

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