8. The ice cream market is a The ice cream market is a perfectly competitive one. The current market clearing price for ice cream in town is $10.40 per gallon. At this price 84 gallons are traded. a) Illustrate the market clearing price and quantity of ice cream. The demand for ice cream is a function of both the price of ice cream and the price of a substitute good, frozen yogurt. Suppose that the demand curve for ice cream, QD P ,P has IC Y QD QD the following two derivatives P 5 and P 3 . Below you will analyze a rise in the price IC Y of yogurt, PY, by $1. competitive one. The current market clearing price for ice cream in town is $10.40 per gallon. At this price 84 gallons are traded. a) Illustrate the market clearing price and quantity of ice cream