5. The demand and supply schedules for (normal) potato chips are given in the table below. Price Quantity demanded Quantity supplied (cents per bag) (millions of bags a 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 (normal) potato chip market and mark in the equilibrium price and quantity. (1 mark) For each of your answers below, identify the condition (determinant) of demand and/or supply and the impact on the equilibrium price and equilibrium quantity of potato chips. Illustrate your answers using a demand and supply graph. b. A new dip becomes popular. (2 marks) c. A virus destroys normal potato crops. (2 marks) d. There is a significant increase in the number and size of farms producing sweet potatoes. (2 marks) e. Favourable weather conditions results in a large increase in normal potato crops and at the same time studies have found that normal potato chips are unhealthy to eat in large quantities. (3 marks) (1 + 2 + 2 + 2 + 3 = 10 marks) (3 + 2 + 2 + 3 + 10 = 20 marks)