Question: Please help?!? Question 11 . Cagney, Lacey and Ava all enjoy eating ice cream. Their total demand for ice cream is P = 16 %.

Please help?!? Question 11 . Cagney, Lacey and Ava all enjoy

Please help?!?

Question 11 . Cagney, Lacey and Ava all enjoy eating ice cream. Their total demand for ice cream is P = 16 %. Cagney individually demands P = 16 3 units of ice cream. Lacey's demand for ice cream is 3 P = 16 %. a) What is Ava's demand for ice cream? Terry and Sharon are both suppliers of ice cream. Their individual supplies are P = g 4 and P = 262 4, respectively. a) What is the market equilibrium price and quantity for ice cream? b) What is the total, consumer and producer surplus in this market? A new supplier, Zeke, enters the ice cream market. a) What could have caused Zeke to enter the market? Hint: think about the invisible hand principle. b) If the new market supply curve is P = g 4 what is Zeke's individual supply curve? c) Now that Zeke is in the market there is no incentive for another supplier to enter. What do we know about the cost curves for Terry, Sharon and Zeke

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