Q4: Following is the monthly demand and supply schedule for Ice-cream; graph the implied demand and supply curves and show the equilibrium point. Show on a separate diagram what happens to the market for Ice-cream if hot weather increases the demand for ice cream and an increase in the price of sugar reduces the supply of ice-cream. (4) Price ($) 10 15 20 25 30 35 Demand 16 13 10 7 4 Supply 10 13

Q4: Following is the monthly demand and supply schedule for Ice-cream; graph the implied demand and supply curves and show the equilibrium point. Show on a separate diagram what happens to the market for Ice-cream if hot weather increases the demand for ice cream and an increase in the price of sugar reduces the supply of ice-cream. (4) Price ($) 10 15 20 25 30 35 Demand 16 13 10 7 4 Supply 10 13

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 3QR

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Question

Q4: Following is the monthly demand and supply schedule for Ice-cream; graph the implied demand and
supply curves and show the equilibrium point. Show on a separate diagram what happens to the market for
Ice-cream if hot weather increases the demand for ice cream and an increase in the price of sugar reduces the
supply of ice-cream.
(4)
Price ($)
Demand
Supply
10
15
20
25
30
35
16
13
10
7
4
4
7
10
13
***END***

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