please help, thanks

please help, thanks

please help, thanks

please help, thanks

please help, thanks

please help, thanks

13 . Application - Demand elasticity and agriculture Consider the market for soybeans. The following graph shows the weekly demand for soybeans and the weekly supply of soybeans. Suppose new farming technology is developed that enables growers to produce more crops with the same resources. Show the effect this shock has on the market for soybeans 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 to its original position, just drag it a little farther. 30 O 24 Demand Supply 18 Supply PRICE (Dollars per bushel) 12 Demand 6 0 10 20 30 40 50 QUANTITY (Millions of bushels)One of the growers is excited by this advancement because now he can sell more crops, which he believes will increase revenue in this market. As an economics student, you can use elasticities to determine whether this change in price will lead to an increase or decrease in total revenue in this market. Using the midpoint method, the price elasticity of demand for soybeans between the prices of $15 and $9 per bushel is V , which means demand is V between these two points. Therefore, you would tell the grower that his claim is V , because total revenue will V as a result of the technological advancement. Conrm your previous conclusion by calculating total revenue in the soybean market before and after the technological advancement. Enter these lvalues in the following table. Before Technological Advancement After Technological Advancement Total Revenue (Millions of Dollars) E E ng the midpoint method, the price elasticity of demand f hand is between these two points. Ther esult of the technological advancer elastic inelastic unit elastic firm your previous conclusion by calculating total revenu\fand $9 per bushel is , which mea is claim is because total rev correct incorrect