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Consider the market for ice cream in Paris. Using appropriate diagrams, explain how each of the following events will impact the equilibrium price and quantity
Consider the market for ice cream in Paris. Using appropriate diagrams, explain how each of the following events will impact the equilibrium price and quantity of ice cream.
- The population of Paris increases.
- The cost of milk (an input in production) decreases.
- Both the population of Paris increases and the cost of milk decreases at the same time.
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