(Answered) With an aid of diagram consist of both demand amp supply

Economics

With an aid of diagram (consist of both demand & supply curves) show & explain what happens to the equilibrium price & quantity when:

1. the preference for pepsi suddenly increases

2. the price of milk has increased which increased the cost of ice cream production

3. The price of sugar fell which is jointly consumed with tea (show the effect on tea market)

4. The preference for pepsi & the cost of production both have increased (magnitude effect is same)

5. Explain with a diagram what is price floor & whats can be the effects of it?

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Microeconomics, Economics

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