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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 com 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. ?) 30 Demand 24 Supply Supply PRICE ( Dollars per bushel) Question C.txt - Notepad 0 Demand File Edit Format View Help Blank 1: My answer is: 0.75 The other choices are: 0.67, 1.5, 3 Blank 2: My answer is: elastic. The other choices are: inelastic, unit elastic Blank 3: My answer is: incorrect. The other choice is: correct 12 18 24 30 Blank 4: My answer is: increase. The other choice is: decrease QUANTITY (Millions of bushels) Ln 6, Col 64 100% Windows (CRLF) UTF-8 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 $21 per bushel is 0.75 , which means demand elastic *between these two points. Therefore, you would tell the grower that his claim is incorrect , because total revenue will increase * 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) 13 15