Please, provide answers to the following questions and directions.

1.The relationship between price and quantity demanded is ___________ and the relationship between price and quantity supplied is _____________.

2.An increase in demand or supply shifts each curve to the _____________ and a decrease in demand or supply shifts each curve to the ______________.

3.Draw a graph showing an increase in demand.What happens to equilibrium price and quantity?

4. Draw a graph showing a decrease in demand.What happens to equilibrium price and quantity?

5. Draw a graph showing an increase in supply.What happens to equilibrium price and quantity?

6.Draw a graph showing a decrease in supply.What happens to equilibrium price and quantity?

7. What happens to the demand for ice cream in summer? How will that affect the equilibrium price and quantity of ice cream?

8. Suppose that the price of milk, an input used in the production of ice cream, increases. How will that affect the supply of ice cream? How will the equilibrium price and quantity be affected?

9. Suppose instead that pies are a substitute for ice cream and the price of pies decreases. How will that affect the demand, equilibrium price, and equilibrium quantity of ice cream?

10. Suppose instead that workers at ice cream parlors now begin working for tips. This allows the ice cream parlors to reduce the amount of money that they pay their workers. How will that affect the supply, equilibrium price, and equilibrium quantity of ice cream?