The task here involves understanding the relationships between price, quantity, and total revenue along a demand curve, as well as how elasticity affects total revenue when prices change. Let's break this down step by step.

Total Revenue (TR) Calculation

Total revenue is calculated as: $\text{Total Revenue} = \text{Price} \times \text{Quantity}$ We need to calculate the total revenue at different prices along the demand curve using points such as $10, $15, $20, etc. per bippitybop.

1. Total Revenue at Different Prices:
   • For prices of $10, $15, $20, $25, $30, $35, and $40 per bippitybop, you multiply each price by the corresponding quantity from the demand curve to find total revenue.

Midpoint Method for Price Elasticity of Demand

The price elasticity of demand (PED) measures how responsive the quantity demanded is to a change in price. It's calculated using the midpoint method: $\text{Price Elasticity of Demand} = \frac{\left(\frac{\Delta Q}{(Q_1 + Q_2)/2}\right)}{\left(\frac{\Delta P}{(P_1 + P_2)/2}\right)}$ Where:

• $Q_1$ and $Q_2$ are the initial and new quantities.
• $P_1$ and $P_2$ are the initial and new prices.

Elasticity and Total Revenue

• If demand is elastic (PED > 1), a price decrease increases total revenue.
• If demand is inelastic (PED < 1), a price increase increases total revenue.
• If demand is unitary elastic (PED = 1), total revenue remains constant as price changes.

Midpoint Method between Points A and B

Without the exact quantities and prices of points A and B, I cannot calculate the precise elasticity. However, you should apply the midpoint method to estimate the elasticity between these two points based on given data.

Example Interpretation:

• Price at $20 per bippitybop (Point A): This point gives a specific quantity demanded and total revenue. The price elasticity between A and B will tell you whether lowering the price (say by $5) will increase or decrease total revenue.

If you lower the price by $5 and the price elasticity is elastic (greater than 1), total revenue will increase.

Final Notes on Elasticity and Revenue:

In general:

• For elastic demand, lowering the price increases total revenue.
• For inelastic demand, raising the price increases total revenue.

Would you like further clarification on calculating total revenue, price elasticity, or how demand affects revenue?

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Expanding Questions:

1. How do you determine if a good is elastic or inelastic based on the demand curve?
2. Can you calculate total revenue when given specific quantity and price data points?
3. How does the midpoint method help in calculating elasticity more accurately?
4. Why does inelastic demand lead to higher total revenue when prices increase?
5. How can total revenue be maximized on a demand curve?

Tip: When calculating total revenue, always remember that it reflects both the price and the quantity sold—sometimes increasing price can reduce revenue if the demand is highly elastic.