Use supply and demand theory to analyse the likely impact on the market price of mangoes. Briefly comment on the following confused thinking of a fellow student who says: "Sure, the theory predicts that the market price is likely to fall but doesn't a fall in price result in an increase in demand and that should keep the price from falling too much?" (600 words) Part B The report quotes Ian Groves, a local farmer, as saying "The mango crop everywhere across Australia looks to be a bumper, so we might not be looking at a lot of money per tray" but then the reporter seems to interpret this as indica0ng that this outcome is "not necessarily a good thing for producers". Use your understanding of the rela0onship between elas0city and revenue to show why the outcome may in fact prove boun0ful for farmers. (400 words)