I am a newbie at economics and would appreciate help from the community.
Use the model of supply and demand to explain how a fall in the price of frozen yogurt would affect the price of ice cream and the quantity of ice cream sold. In your explanation, identify the exogenous and endogenous variables.
A fall in prices should cause the supply of the frozen yogurt to increase so a higher quantity of frozen yogurt demanded at a lower price. Here I assume supply curve shifts to the right and demand curve doesn't change.
The fall in yogurt prices should cause demand for ice-cream to decrease(here i assume that they are somewhat replaceable), do the demand curve should shift to the left and cause lower quantity of ice-cream to be demanded at a lower price.
Is my analyis correct or did I miss something or I can improve it in some way.