Question: Task 5: Simultaneous increases in demand and supply Assume the market for apple pie is initially in equilibrium. 1. Draw a demand and supply diagram

Task 5: Simultaneous increases in demand and supply Assume the market for apple pie is initially in equilibrium. 1. Draw a demand and supply diagram to illustrate the initial equilibrium for apple pie. Label the x-axis "output" and the y-axis "price." Vanilla ice cream is a complement to apple pie. What would happen to the demand curve and to the supply curve for apple pie if the price of apples increases at the same time as the price of vanilla ice cream decreases? 2. Draw a new diagram to graphically illustrate the impact of an increase in the price of apples and a decrease in the price of vanilla ice cream on the demand curve and on the supply curve. Label the x-axis "output" and the y-axis "price.&quot

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