Entrepreneur Edward is planning to open a business selling ice cream. He knows that the price of ice cream is determined by the forces of supply and demand, but he wants a report outlining five specific events that can be expected to cause the equilibrium price of ice cream to increase.
Be sure to include the following elements in your final report:
„X Your analysis must be consistent with the economic theory of demand and supply, so you will need to do some research on the theory first.
„X Briefly describe each event and indicate whether it causes price to rise due to a demand shift or due to a supply shift.