Suppose that one summer the weather is very hot. How does this event affect the market for ice cream? And How a decrease in supply of ice cream affects the equilibrium price and quantity? Draw the graph according to the situations above. Which of the following statements are examples of positive economic analysis? Which are examples of normative analysis?a. The inheritance tax should be repealed because it is unfair.b. Allowing Chile to join NAFTA would cause wine prices in the United States to drop.c. The first priorities of the new regime in the Democratic Republic of Congo (DRC, formerly Zaire) should be to rebuild schools and highways and to provide basic health care.
Suppose that one summer the weather is very hot. How does this event affect the market for ice cream? And How a decrease in supply of ice cream affects the
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