Consider the durian (a tropical fruit) market in a small agricultural-based economy where a small number of farmers plant durian trees and sell to a small number of local consumers. Over the years due to its unique taste and lack of substitutes, durians had been popular among consumers, especially international consumers. As such more land in the economy had been cultivated to plant durian trees for both local consumption and export.

Draw diagrams with demand and supply curves depicting the durian market and analyse the changes in the price and quantity of durians. Your diagrams should

incorporate the price elasticity of demand and supply for durians.