The demand and supply schedules for potato chips are in the table. a. What are the equilibrium
Question:
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.
Transcribed Image Text:
Quantity Quantity Price demanded supplied (cents per bag) (millions of bags a week) 40 170 90 50 160 100 60 150 110 70 140 120 80 130 130 90 120 140 100 110 150 110 100 160
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a The equilibrium price is 80 cents a bag and the equilibrium ...View the full answer
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I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
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