For the economic analysis consider the market for fruits over the 52 week period.

(a) Consider the markets for specific fruits; apples, grapes, oranges, peaches, and pears. Use the equation TR = P Q. For each of these markets determine whether the price has increased or decreased and by how much the price has increased or decreased. Report your answer in % to two decimal places.

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

(d) Present your results in a table. The table should summarize total revenue changes, price changes, quantity changes, and the calculated price elasticities for apples, grapes, oranges, peaches, and pears. Also include in your table the price elasticity values from Price and Mittelhammer. Be sure to consider the orientation of your table so that the data is easy to read. You will be graded on your table presentation.

(e)APA reference for the article by Burfield and the article by Price and Mittelhammer.