Final answer:
A shortage of vanilla would likely lead to an increase in the price of vanilla, resulting in higher production costs for ice cream makers like Linda and Cathal. They may need to increase product prices or accept lower profit margins, and might also consider alternative ingredients.
Step-by-step explanation:
If there is a shortage of vanilla, this will likely have several consequences. First, the price of vanilla would increase. A reduced supply of vanilla from Madagascar, which is the primary supplier, would mean that the available quantity is less than the demand. According to basic economic principles, when supply decreases and demand remains constant or increases, prices go up.
For ice cream makers like Linda and Cathal at 'Sligo Scoops', this could mean higher production costs if they rely heavily on natural vanilla. The cost of production for their ice cream could rise, leading them to either accept lower profit margins or increase the price of their product to maintain profitability. If they choose to raise prices, this could affect their competitiveness in the market, especially if their competitors use alternative flavoring agents or have better supply chain management.
Additionally, the scarcity of natural vanilla could encourage ice cream makers to seek alternative ingredients, such as synthetic vanilla or other natural flavors. This could lead to changes in the product's taste and possibly affect consumer preferences and sales.