It is not allowed hand written. The following graph illustrates the market for almonds. It plots the monthly supply of almonds and the monthly demand for almonds. 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 almonds by shifting the demand curve, supply curve, or both.PRICE (Dollars per ton)302410126001224QUANTITY (Thousands of tons)DemandSupply48Total Revenue (Thousands of Dollars)DemandSupplySeveral 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 almonds between the price levels of $15 and $9 per ton is meaning that betweenthese 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 almond market before and after the technological improvement. Enter thesevalues in the following table.Before Technological Improvement After Technological Improvement

Equilibrium is defined as the balance of demand and supply in the market. Demand and supply affect…

The following graph illustrates the market for almonds. It plots the monthly supply of almonds and the monthly demand for almonds. Suppose new gathering 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 almonds by shifting the demand curve, supply curve, or both. 30

The following graph illustrates the market for almonds. It plots the monthly supply of almonds and the monthly demand for almonds. Suppose new gathering 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 almonds by shifting the demand curve, supply curve, or both. 30

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

It is not allowed hand written.

The following graph illustrates the market for almonds. It plots the monthly supply of almonds and the monthly demand for almonds. Suppose new
gathering 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 almonds by shifting the demand curve, supply curve, or both.
PRICE (Dollars per ton)
30
24
10
12
6
0
0
12
24
QUANTITY (Thousands of tons)
Demand
Supply
48
Total Revenue (Thousands of Dollars)
Demand
Supply
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 almonds between the price levels of $15 and $9 per ton is meaning that between
these two points, demand is
▼. Thus, you can conclude that the grower's claim is
, because total revenue will
due to the technological improvement.
Confirm your previous conclusion by calculating total revenue in the almond market before and after the technological improvement. Enter these
values in the following table.
Before Technological Improvement After Technological Improvement

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