4. A recent technology advancement has reduced the cost of production batteries. For each of the questions below, illustrate your answers with a supply and demand diagranL Explain the results. (a) Illustrate and state the effect of falling production costs on the price and quantityr of batteries. (6' marks) (b) Illustrate and explain what happens to consumer surplus, producer surplus, and total surplus. (Hint: label your diagram with letters representing the areas of surplus.) (:7 marks) (c) Suppose the supply of batteries is perfectly elastic. Illustrate and explain who benets most from falling production costsconsumers or producers of these batteries? (Fmarks)