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The table sets out the demand and supply schedules for potato chips.
What are the market equilibrium price and quantity? Why?
Suppose a new dip increases the quantity of potato chips that people want to buy by 20 million bags per week at each price. How the demand and/or supply of chips change? Also, explain how the price and quantity of chips change. Show the changes on a graph. (3 marks)
The quantity of potato chips that people want to buy increases by 20 million bags per week at each price. Now suppose, at the same time, a new breed of potato increases production of potato crops and the quantity of potato chips produced increases by 30 million bags a week at each price. Explain how the market equilibrium price and quantity of chips change. What are the new market equilibrium price and quantity? Show the changes on a graph.the requirement is explained in the question below
