Price (cents per bag) 50 60 70 80 90 100 Quantity Demanded Quantity Supplied (millions of bags per week) 160 130 150 140 140 150 130 160 120 170 110 180 a. Draw a graph of the potato chip market and mark in the equilibrium price and quantity. Have price on the vertical axis and quantity on the horizontal axis. b. If the price is 60 a bag, is there a shortage or a surplus, and how does the price adjust? I Problem 4. In Problem 3, a new dip increases the quantity of potato chips that people want to buy by 30 million bags per week at each price. a. Does the demand for chips change? Does the supply of chips change? Describe the change. b. How do the equilibrium price and equilibrium quantity of chips change?