Question

A California biotechnology firm submitted a tomato that will not rot for weeks to the U.S. Food and Drug Administration. It designed such a fruit by changing the genetic structure of the tomato. What effect will this technological change have on: The price of tomatoes? Farmers who grow tomatoes? The geographic areas where tomatoes are grown? Where tomatoes are generally placed on salad bars in winter?

Answer 1

1.There is a high probability that the price of tomatoes will decrease, which allows biotechnology to obtain a better product than the normal tomato, which will result in a reduction in the price of the normal tomato, which will not be able to compete with the characteristics of the new tomato.

2. Regarding access to biotechnology, it is assumed that its high cost will make it inaccessible for a group of farmers who do not have the resources and are at a disadvantage with their crops, however when the prices of biotechnology is less, the production in general could be acquired by all the farmers and their conditions would improve

3. By using less geographic area, it will become an advantage of the new technology, increasing production by area

4. By lowering prices you can increase tomato consumption in salad bars, and if your price is lower in winter there will also be an increase in consumption, salad bars by using more tomatoes can decrease the price and generate more profit