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Question: In Problem, 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: The demand and supply schedules for potato chips are:

Price (cents per bag)         Quantity demanded           Quantity supplied
                                                (millions of bags per week)

       50                                  160                                130

       60                                  150                                140

       70                                  140                                150

       80                                  130                                160

       90                                  120                                170

      100                                 110                                180

a. Draw a graph of the potato chip market and mark in the equilibrium price and quantity.

b. If the price is 60¢ a bag, is there a shortage or a surplus, and how does the price adjust?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M92420432
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