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Table 1present the demand and supply schedules for potato chips. Table 1 demanded su . . lied Based on Table 1: a) What are the

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Table 1present the demand and supply schedules for potato chips. Table 1 demanded su . . lied Based on Table 1: a) What are the equilibrium price and equilibrium quantity of potato chips? (1 Mark) b) If chips were 60 cents a bag, describe the situation in the market for potato chips and explain what would happen to the price of a bag of chips

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