Several growers are happy with this advancement in technology because now they can sell more crops, which they believe will lead to increases in 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 of demand for almonds between the price levels of $10 and $8 per ton is, meaning that between these two points, demand is ▼. Thus, you can conclude that the grower's claim is ▼, because total revenue will due to the technological improvement. Confirm your previous conclusion by calculating total revenue in the almond market before and after the technological improvement. Enter these values in the following table. Total Revenue (Thousands of Dollars) Before Technological Improvement After Technological Improvement

Several growers are happy with this advancement in technology because now they can sell more crops, which they believe will lead to increases in 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 of demand for almonds between the price levels of $10 and $8 per ton is, meaning that between these two points, demand is ▼. Thus, you can conclude that the grower's claim is ▼, because total revenue will due to the technological improvement. Confirm your previous conclusion by calculating total revenue in the almond market before and after the technological improvement. Enter these values in the following table. Total Revenue (Thousands of Dollars) Before Technological Improvement After Technological Improvement

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter4: Demand, Supply, And Markets

Section: Chapter Questions

Problem 8QFR

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