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Word Count: 490
To summarize the basic information from the text Someone is going toopen a small ice-cream stand on campus His plan for the 1st month is toorder the same number and variety of ice-creams each day from thesuppliers The price of an ice-cream is always 150 As a result somedays ice-creams remain unsold but some days there are not enoughice-creams to sellIn this case the price of an ice-cream is fixed on 150 so price doesnot affect the quantity demanded However students incomepreferences and price of other food are possible to influence thequantity demanded of ice-creams First we assume that some university students who take part-time jobsget the payment on every Friday So these students have more income onFriday which allows them to buy more ice-creams In other words theincrease in income increases the quantity demanded of ice-creams Thedemand curve shifts right which leads to an excess demand shortageThere are not enough ice-creams for the number of customers However onother days of the week students may not have extra money to buyice-creams This means students income decreases make the quantitydemanded decrease The demand curve of ice-cream shifts left whichleads to an excess supply surplus Ice-creams are unsoldSecond we assume that the weather is erratic in this month Some daysthe temperature is high and students prefer to eat something cool sothey buy more ice-creams which shifts the demand curve right and leadsto an excess demand shortage Ice-creams are all sold out Howeversome days the weather is very cold and students prefer to hot chocolaterather than ice-creams so they buy fewer ice-creams which shifts thedemand curve left and leads to an excess supply surplus Ice-creamsare unsoldThird we assume that the price of frozen yogurt changes Frozen yogurtis one substitution good for ice-cream When frozen yogurt gets onsale students buy more frozen yogurt and fewer ice-creams The quantitydemanded of frozen yogurt increases and the quantity demanded ofice-cream decreases In this situation the demand curve of ice-creamshifts left which leads
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