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Price (Rupees per Ice-cream cup) 140 120 100 80 60 40 Quantity demanded (Ice-cream cup per month) 500 750 1000 1250 1500 1750 Quantity Supplied (Ice-cream cup per month) 1500 1200 1000 750 600 300 a) Plot the demand and supply curves and show the equilibrium price and quantity. Also, briefly explain if law of demand and supply holds true in this case. b) Is there surplus or shortage in the market at price Rs.40? At price Rs.120? c) Suppose if the price of frozen yogurt decreases, elucidate the change it might cause on the ice-cream market given the consumption behavior and also illustrates the same through using 2-dimensional space. In your opinion what type of elasticity best describes this situation? d) Suppose the price of milk decreases from the equilibrium price. Explain what will happen to the supply curve and also indicate the same on the graph.
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