4. The Demand & Supply schedules for chewing gums in the US are:

4. The Demand 8:. Supply schedules for chewing gums in the US are: Price(c per pack) Quantity demanded (millions Quantity supplied per week) _ _ 20 30 70 _ 0 120 120 100 140 _ __ (a) Draw the Demand 8: Supply curves for gums (put price on the yaxis & quantity on the xaxis) 8: mark in the equilibrium price & quantity. (b) Suppose, the price of gum is 70c a pack. Describe the situation in the gum market 8: explain how the price adjusts. (c) Suppose, the price of gum is 30c a pack. Describe the situation in the gum market 8: explain how the price adjusts