*7 The table sets out the demand and supply schedules for chewing gum. Price Quantity Quantity (pence per demanded supplied packet) (millions of packets a week) 20 180 60 30 160 80 40 140 100 50 120 120 60 100 140 70 80 160 80 60 180 a Draw a graph of the gum market and mark in the equilibrium price and quantity. b Suppose that chewing gum is 70 pence a packet. Describe the situation in the gum market and explain how the price of gum adjusts.