Assume the market for apple pie is initially in equilibrium.
a)Draw a demand and supply diagram to illustrate the initial equilibrium.
b)Explain the impact on the apple pie market if there is an increase in the price of vanilla ice cream.
c)Graphically illustrate the impact on the diagram you prepared for part (a).

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The Answer of Assume the market for apple pie is initially in equilibrium.
a)Draw a demand and supply diagram to illustrate the initial equilibrium.
b)Explain the impact on the apple pie market if there is an increase in the price of vanilla ice cream.
c)Graphically illustrate the impact on the diagram you prepared for part (a).

Assume the Market for Apple Pie Is Initially in Equilibrium