14. 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 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 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 back to its original position, just drag it a little farther. 20 O Demand 16 Supply O 12 Supply PRICE ( Dollars per bushel) Demand Activate Windows 10 20 30 40 QUANTITY (Millions of bushels) Go to PC settings to activate Window