09 Jul the price elasticity study
Subsequent to their price elasticity study, the ice cream company cited in Question #1 was recently named as the best regional ice cream producer in the country. Ice cream connoisseurs all over the country have been seeking out the brand via Amazon and other online retailers. Answer the following questions related to the principle of consumer surplus.
A. Explain the impact of the above occurrences on both the demand curve and consumer surplus. Is the consumer surplus increasing or decreasing? Present the information with illustrative supply and demand curves on a graph (no numbers).
B. What will likely happen to the pricing power of the ice cream firm given this notoriety as the best regional ice cream?
C. Over time, what may happen in this regional ice cream market given these developments?
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