Consider the following market showing the demand (D) and supply (5) of iPads. P (S) s 800 750 700 650 500 D 0(000) 100 200 300 400 500 (a) State the market equilibrium. (2 marks) (b) Ifthe demand for iPads exceeded the supply of iPads, explain what would happen in this market and how the market would adjust back to equilibrium (2 marks) (c) Explain what would happen in this market if there was a large increase in the price of laptop computers at the same time that there was a large increase in the price of resources required to make iPads. (You do not need to draw a diagram, but you must state what happens to the curve(s) and the market price and quantity.) (4 marks) (Approximate numbers read off the chart are ok.)