Several 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.Using the midpoint method, the price elasticity of demand for pistachios between the price levels of $20 and $12 per ton is , meaning thatbetween these two points, demand is. Thus, you can conclude that the grower's claim is, because total revenue willdue to the technological improvement.Confirm your previous conclusion by calculating total revenue in the pistachio market before and after the technological improvement. Enter thesevalues in the following table.Total Revenue (Thousands of Dollars)Before Technological Improvement After Technological Improvement Show the effect this shock has on the market for pistachios 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)403224168081624DemandQUANTITY (Thousands of tons)Supply3240Demand--Supply?

Price elasticity of demand(PED) often referred to as simply "elasticity," is a fundamental concept…

Show the effect this shock has on the market for pistachios 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. PRICE (Dollars per ton) 40 32 24 16 0 0 8 16 24 Demand QUANTITY (Thousands of tons) Supply 32 40 Demand Supply

Show the effect this shock has on the market for pistachios 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. PRICE (Dollars per ton) 40 32 24 16 0 0 8 16 24 Demand QUANTITY (Thousands of tons) Supply 32 40 Demand Supply

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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