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1 The demand and supply schedules for gum are in the table Quantity Quantity Price demanded supplied (conts per pack) (millions of packs a weak)

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1 The demand and supply schedules for gum are in the table Quantity Quantity Price demanded supplied (conts per pack) (millions of packs a weak) 20 180 100 100 140 180 n. Suppose that the price of gum is 70 a pack, Describe the situation in the gum market and explain how the price adjusts. b. Suppose that the price of gum is 30g a pack. Describe the situation in the gum market and explain how the price adjusts

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