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Question: consider the market for wheat the following graph shows the...

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Consider the market for wheat. The following graph shows the weekly demand for wheat and the weekly supply of wheat. 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 wheat by shitting 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 Demand Supply 10 20 ITY Miions of bushels) 0 QUANT 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 elastcityofdemand for wheat between the prices of $15 and $9 per bushel is,which

Demand Supply Supply 10 20 30 QUANTITY Miions 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 wheat between the prices of $15 and $9 per bushel is, which means demand is between these two points. Therefore, you would tell the I grower that his claim is because total revenue will as a result of the technological advancement. Confirm your previous conciusion by calculating total revenue in the wheat market before and after the technologicaf advancement. Enter these values in the folowing table. Before Technological Advancement After Technological Advancement Total Revenue (Millions of Dollars) Grade It Now Save & Continue Continue without saving

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