Question
a. Draw a figure depicting market equilibrium in the ice-cream market. Label the figure properly. Briefly explain the figure. (3.5 marks) b. Draw a new
a. Draw a figure depicting market equilibrium in the ice-cream market. Label the figure properly. Briefly explain the figure. (3.5 marks)
b. Draw a new figure depicting the following situation: The weather is suddenly unseasonably hot and at the same time the wage of ice-cream salespeople increases. Explain your figure, and report on your new equilibrium price and quantity. (7.5 marks)
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Econometric Analysis
Authors: William H. Greene
5th Edition
130661899, 978-0130661890
