entrepreneur edward is planning to open a business selling ice cream. he knows that the price of ice cream is determined by the forces of supply and demand but wants a report outlining five specific events that can be expected to cause the equilibrium price of ice cream to increase

To identify five specific events that can be expected to cause the equilibrium price of ice cream to increase, we need to consider factors that would shift either the supply or demand curve for ice cream. Here are five events that can influence the equilibrium price:

1. Increase in the cost of production: If the cost of producing ice cream rises, such as the cost of ingredients, labor, or machinery, suppliers may need to increase the price to maintain their profit margin. This would shift the supply curve to the left, causing a higher equilibrium price.

2. Growing popularity of ice cream: If there is a sudden increase in demand for ice cream due to changing consumer preferences or marketing efforts, the demand curve will shift to the right. This increase in demand could result in a higher equilibrium price as suppliers try to balance supply and demand.

3. Reduction in substitute goods: If there is a decrease in the availability or popularity of ice cream substitutes (e.g., frozen yogurt, gelato), consumers may shift their demand towards traditional ice cream. This increase in demand would lead to a higher equilibrium price.

4. Decrease in government regulations: If there are fewer government regulations on ice cream production, such as reduced licensing requirements or less stringent health and safety standards, it could result in more suppliers entering the market. However, if the increase in supply is not matched by a change in demand, it would cause a surplus, leading to a decrease in equilibrium price. Therefore, this event may not necessarily result in an increase in price.

5. Fluctuations in weather conditions: Weather plays a significant role in ice cream consumption. Warmer weather leads to higher demand for ice cream, while colder seasons may lead to decreased demand. Unusually hot weather or a prolonged heatwave can increase demand for ice cream and shift the demand curve to the right, resulting in a higher equilibrium price.

Remember that these events are hypothetical and the impact on the equilibrium price may vary based on various factors, including the market structure, competition, and consumer preferences. It's essential to monitor these factors and conduct thorough market research to make accurate predictions about potential price changes in the ice cream industry.