If the virus in Problem 22 hits just as the new dip in Problem 21 comes onto the market, how do the equilibrium price and equilibrium quantity of chips change?

Problem 22

In Problem 20, if a virus destroys potato crops and the quantity of potato chips produced decreases by 40 million bags a week at each price, how does the supply of chips change?

Problem 21

In Problem 20, a new dip increases the quantity of potato chips that people want to buy by 30 million bags per week at each price.

Problem 20

The demand and supply schedules for potato chips are

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Price (cents per bag) 50 60 70 80 90 100 Quantity supplied (millions of bags per week) Quantity demanded 160 150 140 130 120 110 130 140 150 160 170 180