Question 2 (15 marks) Australia produces some of the world's finest cherries. There are about @ Cherry farmers in the region producing E different types of cherries. Cherry farmers face no barriers to entry, it's quite easy for apple farmers to switch to growing cherries. If the price of cherries increases by 25%, the demand for apples rises by 40% while the Quantity demand of cherries reduces by 30%. Refer to the above: 2a ). What type of market structure is the Cherry industry in Australia? Explain. (3 marks) [Answer here] 2b). Calculate the price elasticity of cherries. (1 marks) ls cherries price elastic or inelastic? (3 marks) [Answer and show workings here] 2c). Given the price elasticity in \"02b\" and if cherry farmers were to [Elli their price (P), what would occur to the total revenue (TR)? Explain. (2 marks) [Answer here] 2d). Calculate the cross-elasticity for cherries & apples. (2 marks) Therefore, cherries & apples are [Select the correct answer(s)] a) complement b) normal goods 0) substitute d) inferior GOOdS {1 mark)