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Question : Consider the market for soybeans, graph. The monthly demand curve

Consider the market for soybeans, graph. The monthly demand curve for soybeans is shown as the blue line on the following graph. Initially, the supply curve for soybeans is shown by S1 (grey curve). Then a blight occurs This shifts the supply curve leftward to S2 (orange curve). Calculate total revenue in the soybean market before and after the blight. Enter these values in the following table. Using the midpoint method, the price elasticity of demand for soybeans between the prices of $6.00 and $8.00 per bushel is_______, which means demand is __________ between these two points.

 

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