In the market for ice cream, the following events are taking place. Assume that cream is used to make ice cream, ice cream and frozen yogurt are substitutes. Explain the effects of each event on the demand, supply, equilibrium price, and equilibrium quantity of ice cream.

a) The price of ice cream rises.

b) The price of frozen yogurt decreases.

c) The price of cream has gone up.

d) Incomes are increasing and at the same time there are more sellers of ice cream. Assume ice cream is an inferior good.

e) The technology of producing ice cream has improved.