QUESTION DEC 21, 2018 The cupcake market is again in equilibrium. For many people, ice cream is a good substitute for cupcakes. A decrease in the price of milk leads to…

The cupcake market is again in equilibrium. For many people, ice cream is a good substitute for cupcakes. A decrease in the price of milk leads to lower ice cream prices. Use a new graph to illustrate the effect of this change in the price of ice cream on the cupcake market. What happens to the equilibrium price and the equilibrium quantity of cupcakes?

 
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