4. Application: Demand elasticity and agriculture The following graph illustrates the market for walnuts. It plots the monthly supply:r of walnuts and the monthl'lur demand for walnuts. Suppose a stretch of unseasonalJI).r good weather occurs, allowing walnut growers to produce more walnuts per hectare. Show the effect this shock has on the market for walnuts by stufng 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 ifyou try to move a curve and it snaps back to its original position, just drag it a little farther. \fA number of the growers are concerned about the price decrease initiated bv the stretch of favorable weather conditions, as thev believe it will lead to decreased 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 elasticitl.r of demand for walnuts between the price levels of 515 and $9 per ton is V . meaning that between these two pointsr demand is v . Thus. you can conclude that the growers claim is v , because total revenue will v due to the favorable weather conditions. Confirm your previous coheiusion by caicuiating totai revenue in the walnut" market" before and after the favorable weather conditions. Enter these va."u'es In the fetish-ting ta bie. Before Favorable Weather Conditions After Favorable Weather Conditions Total Revenue [Millions of Dollars} E E 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 to decreased 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.r of demand for walnuts between the price levels of $15 and $9 per ton is v ,meaning that between these two points, demand is V .Thus, you can conclude thatthe grower's claim is V , beta | revenue will 7 due to the favorable weather conditions. Conrm your previous condusion by calcuiating total revenue in the wainut market before antir after the favorabie west 'tions. Enter these vaiues in the foilowing tabie. Before Favorable Weather Conditions After Favorable Weather Conditions Total Revenue [Millions of Dollars) |:| E 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 to decreased revenue. Using elasticities, vou 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.r of demand for walnuts between the price levels of $15 and $9 per ton is V , meaning that between these two points, demand is 7 .Thus, you can conclude that the grower's claim is V , because total revenue will 7 due to the f. or conditions. elastic inelastic unit elastic Conrm your prew'ous concl - atlng total revenue in the walnut market before and after the favorable weather cono'ltlons. Enter these values In the following table. Belore Favorable Weather Conditions After Favorable Weather Conditions Total Revenue [Millions of Dollars) E E E! number of the growers are concerned about the price decrease initiated by the stretch of favorable weather conditions, as they believe it will lead to decreased revenue. Using elasticities, vou will be able to determine whether this price change will lead to a rise or fall in total revenue in this market. Jsing the midpoint method, the price elasticity.r of demand for walnuts between the price levels of $15 and $9 per ton is V , meaning that between :hese two points, demand is V .Thus, you can conclude that the grower's claim is V , because total revenue will 7 due to the favorable weather conditions. Confirm your previous condusion by calcufating totalI revenue in the wainut market before and after the favorable weather conditions. Enter these raiues in the foilowihg tabfe. Before Favorable Weather Conditions After Favorable Weather Conditions Total Revenue [Millions oi Dollars) E |:| A number of the growers are concerned about the price decrease initiated by the stretch of favorable weather conditions, as thez.r believe it will lead to decreased revenue. Using elasticities, vou 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.r of demand for walnuts between the price levels of $15 and $9 per ton is Y , meaning that between these two points, demand is V .Thus, you can conclude that the grower's claim is V , because total revenue will 7 due to the favorable weather conditions. increase decrease Conrm your previous conclusion by calculating total revenue in the walnut market before anc.r after the favorable weather conditions. Enter these values in the following table. Before Favorable Weather Conditions After Favorable Weather Conditions Total Revenue [Millions oi Dollars) E E