MindTap - Cengage Learning X Course Hero X + V X - C eng.cengage.com/staticb/ui/evo/index.html?eISBN=9780357133606&id=1834966624&snapshotld=3545333& G ABP Marvin v CENGAGE | MINDTAP Q Search this course ? My Home Homework (Ch 05) X 14. Application: Demand elasticity and agriculture Courses Catalog and Study Tools The following graph illustrates the market for cashews. It plots the monthly supply of cashews and the monthly demand for cashews. Suppose new gathering technology is invented, allowing growers to produce more crops using the same amount of resources. Rental Options A-Z College Success Tips 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 back Career Success Tips to its original position, just drag it a little farther. ? Help Give Feedback 40 bongo O Demand 32 Supply 24 Supply A+ PRICE (Dollars per ton) 16 Demand 8 12 24 36 48 60 Type here to search a p 9 62 F ~ "(1) 9:51 AM 19 10/3/2023 E.MindTap - Cengage Learning X Course Hero X + V X -> C eng.cengage.com/staticb/ui/evo/index.html?eISBN=9780357133606&id=1834966624&snapshotld=3545333& G ABP Marvin v CENGAGE |MINDTAP Q Search this course ? My Home Homework (Ch 05) X Courses 24 Supply PRICE (Dollars per to Catalog and Study Tools 16 Rental Options A-Z Demand College Success Tips 8 Career Success Tips ? Help 12 24 36 48 60 QUANTITY (Thousands of tons) Give Feedback bongo 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. Microsoft OneDrive Using the midpoint method, the price elasticity of demand for cashews between the price levels of $20 and $12 per ton is , meaning that between these two points, demand is V . Thus, you can conclude that the grower's claim is , because total revenue will due to the technological improvement. A+ 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. Before Technological Improvement After Technological Improvement Total Revenue (Thousands of Dollars) Type here to search a 9:52 AM 19 p 9 N 1 Very. "(1) 10/3/2023