Answer the following question

The market for potato chips is competitive and table below shows the demand and supply schedules. Use the data to answer the questions below. Price (dollars Quantity Quantity supplied per packet of . emanded (millions (millions of packets chips) of packets of chips of chips per year] per year) 4 1 3 5 26 5 6 7 8 9 PART A: What is the equilibrium price and quantity in this market? Explain. [5 marks] PART B: It the actual price in the market were $9, what would drive the market towards the equilibrium? Explain in detail. [6 marks] PART C: If the actual price in the market were $5, hat would drive the market towards the equilibrium? Explain in detail. [6 marks] PART C: HarryChips is a firm in the potato chips industry. HarryChips produces 10 million packets of chips per year at an average total cost (ATE) of $4. What is HarryChips shortrun prot or loss per year? Explain your answer in detail. [10 mark] PART C: HarryChips is a firm in the potato chips industry. HarryChips produces 10 million packets of chips per year at an average total cost (ATC) of $4. What is HarryChips shortrun profit or loss per year? Explain your answer in detail. [10 mark] PART D: Given your answer in part d, would new rms enter or existing firms exit the market? What would be the longrun impact on HarryChips' profit or loss? Explain in detail. {Hin No actual figures are required} [8 marks]