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Consider the market for ice cream (i) Graph the equilibrium for ice cream
Consider the market for ice cream
(i) Graph the equilibrium for ice cream. Clearly label the producer and consumer surplus
(ii) Suppose the government imposes a minimum price (i.e price floor) on ice cream, and this price is higher than the equilibrium price in part (a) above. What happens to producer surplus
Suppose the price of milk rises. Then
(i) How if at all is supply affected? Which reason(s) explain the shift in supply and/or demand curves?
(ii) How if at all do equilibrium quantity and price change?
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