Whatisquantity1andquantity2,andWhy?Hint(demandorsupply)Graph the demand and supply curves. Why does each curve take thissloping?Ificecreamandwaffleconesarealwaysenjoyedtogether,ifthepriceoftheice cream increase explain what will happen to the waffle cone demand andwhy?If ice cream and milkshakes are replacing each other, if the price of the icecream decrease explain what will happen to the milkshakes supply and why?Whatistheequilibriumpriceandquantityinthismarket?If the actual price in this market were above the equilibrium price, whatwould drive the market toward the equilibrium?If the actual price in this market were below the equilibrium price, whatwould drive the market toward the equilibrium?
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