Suppose the market for apple is in equilibrium at a price of KI per apple and a quantity of 4.200 apples per month. Now suppose that at a price of K. 1.50 per apple. quantity demanded falls to 3.095 per month and quantity supplied increases to 4,500 per month. (a) Using the information, draw the appropriate graph for this market. (3 marks] (b) Calculate the price elasticity of demand for apple between the prices of KI and K 1.5. Is the demand elasticity elastic or inelastic? 12 marks) (c) Calculate the elasticity of supply for apple between prices of K ! and KI.S. Is the supply elasticity elastic or inelastic? 12 marks] (J) Explain three factors that would affect the elasticity of demand for apple