-1 Qui X MindTa X Data Oil Spill X Login x aplia ch x O' Midpoi x Q Chapte x [Solved x G 4. Appl aticb/ui/evo/index.html?deploymentld=5981412353502464190243042516&eISBN=9780357133576&snapshotld=2722786&id=13659189958 Shopping Cart | Ze. mySNHU Login - Class BUS-206: Busi... B BankMobile: Accoupouring on the Pou.. ClassLink for DoDEA CENGAGE | MINDTAP lodule Three Quiz Back to Assignment Attempts Keep the Highest / 3 4. Application: Demand elasticity and agriculture Consider the market for corn. The following graph shows the weekly demand for corn and the weekly supply of corn. Suppose a blight occurs that destroys a significant portion of corn crops. Show the effect this shock has on the market for corn 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 to its original position, just drag it a little farther. ? 30 O Supply Demand 24 Supply 18 (Dollars per bushel) 12 P W 20 O mB 3-1 Qui X MindTa X Date Oil Spill X Login x aplia ch x O Midpoi x Q Chapte x * [Solved je.com/staticb/ui/evo/index.html?deploymentld=5981412353502464190243042516&elSBN=9780357133576&snapshotld=2722786& Shopping Cart | Ze.. mySNHU Login Class BUS-206: Busi. 3 BankMobile: Accou E Pouring on the Pou. ClassLink f CENGAGE MINDTAP Module Three Quiz to its original position, just drag it a little farther. ? 30 O Supply Demand 24 18 Supply PRICE (Dollars per bushel) 12 Demand 6 0 12 18 24 30 QUANTITY (Millions of bushels) One of the growers is excited by the price increase caused by the blight because he believes it will increase revenue in this market. student, you can use elasticities to determine whether this change in price will lead to an increase or decrease in total revenue in search O P WQui X MindTa X Data Oil Spill X Login x aplia ch x ' Midpoi x Q Chapter x [Solved x G 4. Appi x x Search x |+ ticb/ui/evo/index.html?deploymentld=59814123535024641902430425168leISBN=9780357133576&snapshotld=2722786&id=1365918995& hopping Cart | Ze. mySNHU Login Class BUS-206: Busi. 3 BankMobile: Accoupouring on the Pou. ClassLink for DoDEA CENGAGE |MINDTAP odule Three Quiz PRICI Demand 12 18 24 30 QUANTITY (Millions of bushels) One of the growers is excited by the price increase caused by the blight because he believes it 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 corn between the prices of $15 and $18 per bushel is 1.22 V , which means demand is elastic between these two points. Therefore, you would tell the grower that his claim is incorrect , because total revenue will decrease V as a result of the blight. Confirm your previous conclusion by calculating total revenue in the corn market before and after the blight. Enter these values in the following table. Before Blight After Blight Total Revenue (Millions of Dollars) 225 216 Grade It Now Save & Continue Continue without saving W 33OF ~ 9 O P M