I mostly need help with the total revenue calculations at the bottom of the screenshot. If you could also briefly go over the fill in the blank questions too that could be great. I want to understand how those answers are used in the calculation of the total revenue values. Thanks! Consider the market for wheat. The following graph shows the weekly demand for wheat and the weekly supply of wheat. Suppose new farmingtechnology is developed that enables growers to produce more crops with the same resources.Show the effect this shock has on the market for wheat 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.?30Demand24SupplySupply1812Demand1020304050QUANTITY (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 aneconomics student, you can use elasticities to determine whether this change in price will lead to an increase or decrease in total revenue in thismarket.Using the midpoint method, the price elasticity of demand for wheat between the prices of $15 and $9 per bushel iswhich means demand isv between these two points. Therefore, you would tell the grower that his claim isbecause total revenue willv as a result of the technological advancement.Confirm your previous conclusion by calculating total revenue in the wheat market before and after the technological advancement. Enter these valuesin the following table.Before Technological AdvancementAfter Technological AdvancementTotal Revenue (Millions of Dollars)PRICE (Dollars per bushel)

nsider the market for wheat. The following graph shows the weekly demand for wheat and the weekly supply of wheat. Suppose new farming hnology is developed that enables growers to produce more crops with the same resources. ow the effect this shock has on the market for wheat by shifting the demand curve, supply curve, or both. te: 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 its original position, just drag it a little farther. 30 Demand 24 Supply Supply

nsider the market for wheat. The following graph shows the weekly demand for wheat and the weekly supply of wheat. Suppose new farming hnology is developed that enables growers to produce more crops with the same resources. ow the effect this shock has on the market for wheat by shifting the demand curve, supply curve, or both. te: 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 its original position, just drag it a little farther. 30 Demand 24 Supply Supply

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter4: Demand, Supply, And Markets

Section: Chapter Questions

Problem 8QFR

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