1. Ice cream sellers recognize that demand for ice cream is seasonal: high in the summer, lower in the winter. Draw a demand curve for ice cream in the winter months. Draw a demand curve for ice cream in the summer months.
2. The major ingredients in ice cream are dairy products derived from milk.This summer the price of milk is ex- pected to rise significantly. Draw a supply curve for ice cream before the price increase in milk is known. Draw a supply curve for ice cream in the summer months follow- ing the increase in the price of milk.