Conduct an economic analysis of "Produce Prices Down in California, Report Says". Please follow the guidelines in the rubric to avoid unnecessary penalties. For the economic analysis consider the market for fruits over the 52 week period.

(a) Consider the information on changes in sales, prices, and pounds in the fruit market. Assuming a change in only one of supply or demand, what is happening in the market for fruit? Show and explain using a supply and demand diagram.

(b) Again, consider the information on changes in sales, prices, and pounds for fruit. Calculate elasticity. Identify whether you are calculating price elasticity of supply or price elasticity of demand?

(c) Consider the markets for apples, oranges, grapes, and pears. Use the equation TR = P Q. For each of these markets determine whether the price has increased or decreased and calculate (in percent) how much the price has increased or decreased.

(d) From your calculations in (c), and assuming only one shift in supply or demand, show and explain the scenario in a supply and demand diagram. (e) Using information from (c) and (d), calculate the elasticity. Identify whether you are calculating price elasticity of supply or price elasticity of demand?

(f) Present your results in a table. The table should summarize price changes, quantity changes, total revenue changes, and elasticities for fruit, apples, oranges, grapes, and pears.