Question #1 (worth 5 70). The demand and supply schedules for gum are: Price Quantity Demanded Quantity Supplied (per pack) (millions of packs a week) (millions of packs a week) $1.20 200 80 $1.40 175 100 $1.60 130 140 $1.80 100 180 a. Suppose that the price of gum is $1.75 a pack. Describe the situation in the gum market and explain how the price adjusts. b. Suppose that the price of gum is $1.30 a pack. Describe the situation in the gum market and explain how the price adjusts