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, ( , ) D Q P P IC Y has the following two derivatives 5 3 D D IC Y Q Q and P P = = . Below you will analyze a rise in the price of yogurt, PY, by $1. b) Illustrate the impact of the rise of the price of yogurt on the ice cream market in your diagram for part (a). By how much would the demand for ice cream change at each price of ice cream given the rise in the price of yogurt