4. The demand and supply schedules for potato chips are in the table. a. What are the equilibrium price and equilibrium quantity of potato chips? b. If chips were 60 cents a bag, describe the situation in the market for potato chips and. explain what would happen to the price of a bag of chips. The equilibrium price is $80. The equilibrium quantity is 130 If chips were 60 cents a bag, there will be a shortage I supply (150-110=40 quantity shortage) Price e (cents per bag) Quantity demanded (millions of bags a week) Quantity supplied 40 170 90 50 160 150 100 110 60 In problem 4, suppose a new snack food comes onto the market and as a result the 5. demand for potato chips decreases by 40 million bags per week. a Has there been a shift in or a movement 70 80 90 140 130 120 120 130 140 150 100 110 110 100 160 along the supply curve of chips? Because of the new snack comes onto the market, the demand for potato decreased and the demand curve shits leftward and the price falls along the supply curve. b. Has there been a shift in or a movement along the demand curve for chips? The new planned will scheduled and the demand shit leftward and the demand for potato decreased. c. What is the new equilibrium price and quantity of chips? The equilibrium price is 60 cents. The equilibrium is 110 The quantity demanded is now 90 million 6. In problem 5, suppose that a flood destroys several potato farms and as a result supply decreases by 20 million bags a week at the same time as the new snack food comes onto the market. What is the new equilibrium price and quantity of chips?

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