Suppose that the supply schedule for chocolate chip cookie is as follows: Price Quantity supplied (8 per bag) (millions ofhags per week) Suppose that this chocolate chip cookie can he sold only in the US. The US. demand schedule for chocolate chip cookie is as follows: 1. Draw the demand curve and the supply curve for chocolate chip cookie. What are the equilibrium price and quantity of chocolate chip cookie'? td Currently some American customers were grumbling the high price of chocolate chip cookies. One customer argued. \"It just isn't worth 8 15 to buy a bag of chocolate chip cookie. No one should have to pay that much for chocolate chip cookie." Assume this is a competitive market. and the chocolate chip cookies were sold out supermarkets around the country at an average price of 815. How would you evaluate the arguments that prices of chocolate chip cookies are too high'? 3. Suppose that due to those chocolate chip cookie protests. prices of chocolate chip cookies were lowered to 810. In what sense is this price too low. and how does the price adjust\"? Now suppose that chocolate chip cookie can be sold in France. The French demand schedule for chocolate chip cookie is as follows: Price Quantity of demanded ($ per bag) (millions of bags per week) $25 100 $20 300 $15 500 $10 700 $5 900 4. What is the demand schedule for chocolate chip cookie now that French consumers can also buy them? Draw a supply and demand diagram that illustrates the new equilibrium price and quantity of chocolate chip cookie. What will happen to the price at which seller can sell chocolate chip cookie? What will happen to the price paid byU.S. consumers? What will happen to the quantity consumed byU.S. consumers? Now use the supply-and-demand diagrams, show the effect of the following events on the market for chocolate chip cookies. 5. If a virus destroys chocolate crops and the quantity of chocolate chip cookie produced decreases. 6. Customers in French consider chocolate chip cookie an inferior good. This month, they are greeted with bad news as the government cuts their stipends by 15%