Problem
Dairies make low-fat milk from full-cream milk, and in the process they produce cream, which is made into ice cream. The following events occur one at a time:
(i) The wage rate of dairy workers rises.
(ii) The price of cream rises.
(iii) The price of low-fat milk rises.
(iv) With a drought forecasted, dairies raise their expected price of low-fat milk next year.
(v) New technology lowers the cost of producing ice cream.
Explain the effect of each event on the supply of low-fat milk.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.