Consider the market for soybeans. The following graph shows the weekly demand for soybeans and the weekly supply of soybeans, Suppose a spell of unusually good weather occurs, which enables soybean producers to generate more soybeans per acre of land. Show the effect this shook has on the market for soybeans 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 Demand 10 Supply --- Supply 12 PRICE (Dollars per bushel) Demand se 24 QUANTITY Millions of bushes) One of the growers is concerned about the price decrease caused by the spell of good weather because he feels it will lower 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. which means because total revenue Using the midpoint method, the price elasticity of demand for soybeans between the prices of $10 and $6 per bushel is demand is between these two points. Therefore, you would tell the grower that his daim is will as a result of the spell of good weather. Confirm your previous conclusion by calculating total revenue in the soybean market before and after the spell of good weather. Enter these values in the following table. After Spell of Good Weather Before hpell of Good Weather Total Revenue (Millions of Dollars) Save & Continue Grade It Now Continue without saving