I. The demand and supply schedules for Quantity Quantity potato chips are in the table. Price demanded supplied a. Draw a graph of the potato chip (cents per bag) (millions of b lags a week market and mark in the equilibrium 50 160 130 price and quantity. 60 150 140 70 140 150 b. If the price is 60g a bag, is there a 80 130 160 shortage or a surplus, and how does 90 120 170 the price adjust? 100 110 180 c. Suppose a new dip increases the quantity of potato chips that people want to buy by 30 million bags per we price. Does the demand for chips change? Does the supply of chips change? Des change. How do the equilibrium price and equilibrium quantity of chips cha d. If a virus destroys potato crops and the quantity of potato chips produced 40 million bags a week at each price, how does the supply of chips change? e. If the virus in part d hits just as the new dip comes onto the market, how equilibrium price and equilibrium quantity of chips change