Dairies make low-fat milk from full-cream milk. In the process of making low-fat milk, the dairies produce cream, which is made into ice cream. In the market for low-fat milk, the following events occur one at a time. Analyze each situation separately
a) The wage rate of dairy workers rises.
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Get Help Now!b)The price of cream increases
c) The price of low-fat milk increases
d) with advise from health care experts, consumers decide to switch from full cream milk to low-fat milk.
e) A new technology lowers the cost of producing ice cream at the same time there are record high temperatures.
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