What is quantity 1 and quantity 2,and Why?Hint(demandorsupply)
Graph the demand and supply curves. Why does each curve take thissloping?
If ice cream and waffle cones are always enjoyed together,if the price of the ice cream increase explain what will happen to the waffle cone demand andwhy?
If ice cream and milkshakes are replacing each other, if the price of the icecream decrease explain what will happen to the milkshakes supply and why?
What is the equilibrium price and quantity in this market?
If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium?
If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium?
Sample Solution