I need help with this question please •LO>>de?BMindTap - Cengage Learning X b Thomas' Calculus (14th Edition) X +Marvin ✓My HomeCourses✰ng.cengage.com/static/nb/ui/evo/index.html?elSBN=9780357133606&id=1834966624&snapshotld=3545333&Catalog and Study ToolsRental OptionsCollege Success TipsCareer Success TipsHelpGive FeedbackType here to searchCENGAGE MINDTAPHomework (Ch 05)PRICE (Dollars per248001224발36QUANTITY (Thousands of tons)DemandTotal Revenue (Thousands of Dollars)HSeveral growers are happy with this advancement in technology because now they can sell more crops, which they believe will lead to increases inrevenue. Using elasticities, you will be able to determine whether this price change will lead to a rise or fall in total revenue in this market.a48Using the midpoint method, the price elasticity of demand for cashews between the price levels of $20 and $12 per ton isbetween these two points, demand is. Thus, you can conclude that the grower's claim isdue to the technological improvement.52Confirm your previous conclusion by calculating total revenue in the cashew market before and after the technological improvement. Enter thesevalues in the following table.605SupplyР, meaning that, because total revenue willBefore Technological Improvement After Technological ImprovementDOWIQ Search this courseX11:44 AM10/3/2023X⠀?A-ZbongoA+ •LO>>de?BMindTap - Cengage Learning X b Thomas' Calculus (14th Edition) X +Marvin ✓My HomeCourses✰ng.cengage.com/static/nb/ui/evo/index.html?eISBN=9780357133606&id=1834966624&snapshotId=3545333&Catalog and Study ToolsRental OptionsCollege Success TipsCareer Success TipsHelpGive FeedbackType here to searchCENGAGE MINDTAPHomework (Ch 05)14. Application: Demand elasticity and agricultureThe following graph illustrates the market for cashews. It plots the monthly supply of cashews and the monthly demand for cashews. Suppose newgathering technology is invented, allowing growers to produce more crops using the same amount of resources.Show the effect this shock has on the market for cashews by shifting the demand curve, supply curve, or both.Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps backto its original position, just drag it a little farther.PRICE (Dollars per ton)340320010012H24a36Demand548S₁S₂60DemandSupplyA=CDOWIQ Search this courseX11:44 AM10/3/2023X⠀?A-ZbongoA+

Elasticity of demand, often referred to as price elasticity of demand, is a measure in economics…

Several growers are happy with this advancement in technology because now they can sell more crops, which they believe will lead to increases in revenue. Using elasticities, you will be able to determine whether this price change will lead to a rise or fall in total revenue in this market. Using the midpoint method, the price elasticity of demand for cashews between the price levels of $20 and $12 per ton is between these two points, demand is Thus, you can conclude that the grower's claim is due to the technological improvement. , meaning that because total revenue will Confirm your previous conclusion by calculating total revenue in the cashew market before and after the technological improvement. Enter these values in the following table. Total Revenue (Thousands of Dollars) Before Technological Improvement After Technological Improvement

Several growers are happy with this advancement in technology because now they can sell more crops, which they believe will lead to increases in revenue. Using elasticities, you will be able to determine whether this price change will lead to a rise or fall in total revenue in this market. Using the midpoint method, the price elasticity of demand for cashews between the price levels of $20 and $12 per ton is between these two points, demand is Thus, you can conclude that the grower's claim is due to the technological improvement. , meaning that because total revenue will Confirm your previous conclusion by calculating total revenue in the cashew market before and after the technological improvement. Enter these values in the following table. Total Revenue (Thousands of Dollars) Before Technological Improvement After Technological Improvement

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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