Subject: eco 4. Application: Demand elasticity and agricultureThe following graph illustrates the market for pistachios. It plots the monthly supply of pistachios and the monthly demand for pistachios. Suppose astretch of unseasonably good weather occurs, allowing pistachio growers to produce more pistachios per hectare.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)20Show Transcribed Text101824SupplyDemandQUANTITY (Thousands of tons)3240DemandSupply A number of the growers are concerned about the price decrease initiated by the stretch of favorable weather conditions, as they believe it will lead todecreased 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 pistachios between the price levels of $10 and $8 per ton isbetween these two points, demand is.Thus, you can conclude that the grower's claim isdue to the favorable weather conditions.ITotal Revenue (Thousands of Dollars), meaning thatbecause total revenue willConfirm your previous conclusion by calculating total revenue in the pistachio market before and after the favorable weather conditions. Enter thesevalues in the following table.Before Favorable Weather Conditions After Favorable Weather Conditions

We have given the market for pistachios. Suppose a stretch of unreasonably good weather occurs,…

The following graph illustrates the market for pistachios. It plots the monthly supply of pistachios and the monthly demand for pistachios. Suppose a stretch of unseasonably good weather occurs, allowing pistachio growers to produce more pistachios per hectare.

The following graph illustrates the market for pistachios. It plots the monthly supply of pistachios and the monthly demand for pistachios. Suppose a stretch of unseasonably good weather occurs, allowing pistachio growers to produce more pistachios per hectare.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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