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 separatelya) The wage rate of dairy workers rises.b)The price of cream increasesc) The price of low-fat milk increasesd) 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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