3. (7th Let the market for oranges in the US be perfectly competitive. Let both the supply and demand functions describing the market for oranges have constant unit elasticity. a. Draw the supply and demand curves for this market. The supply and demand curves must satisfy constant unit elasticity (the demand curve just has to be roughly correct). Label equilibrium price, quantity, consumer surplus, and producer surplus in this market. (Zpts) Label the price and quantity that maximizes social surplus (this is a single point on the graph, label is SS Max). (1pt) Suppose there is a drought in the orange growing region. What is the effect on the supply curve and the demand curve? (1pt) Su pplv %_ Demand curve What is the effect on equilibrium price and demand? (1pt) Given your answer to (c) and (d). Suppose the absolute percentage change in price as a result of the drought is 2%. What is the approximate percentage change in the equilibrium quantity (increase/decrease by X96]? (1pt) The drought also affects the mango growing region. i. State the relationship between mangos and oranges. (0.5pts) ii. Given this consideration, what can you say about the effect of the drought on the equilibrium price and quantity in the orange market now? (0.5pts}