If the cost to produce a product decreases would the products price increase or decrease?

ice cream suppliers image

Siddiq

For example a decrease in the price of milk will cause the price of ice cream to what? Increase or decrease and what would happen to the quantity of the ice cream?

Answer
You'd see a rightward shift of the supply curve which would causes Quantity to go up and price to drop. The reason being is that the input price of milk, which is essential in making ice cream, dropped and because of that, suppliers of ice cream can now produce greater quantities of ice cream.