the assumptions. Demand for Ice Cream The quantity demanded depends on: Price - the higher the price, the less you buy. Income - for normal goods, the higher your income, the more you buy. For inferior goods, the higher your income, the less you buy. Prices of related goods - frozen yogurt are a Substitute or ice cream, so when its price goes up, more ice cream is demanded. Hot fudge is a complement for ice cream, so when its price goes up, less ice cream is demanded. Tastes - when…
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