The market for potato chips is perfectly competitive and the table shows the demand and supply schedules. Use the data in this table to answer the questions below.

Price (dollars per packet of chips)	Quantity demanded (millions of packets of chips per year)	Quantity supplied (millions of packets of chips per year)
4	135	26
5	104	53
6	81	81
7	68	98
8	53	110
9	39	121

PART A:What are the equilibrium price and quantity in thismarket? Explain.[2 marks]

PART B:If the actual price in the market were $9, what would drive the market toward equilibrium? Explain in detail.[5 marks]

PART C:If the actual price in the market were $5, what would drive the market toward equilibrium? Explain in detail.[5 marks]

PART D:Harry-Chips is a firm in the potato chips industry. Harry-Chips produces 10 million packets of chips per year at an average total cost (ATC) of $4. What is Harry-Chips short-run profit or loss per year? Explain your answer in detail.[10 mark]

PART E:Given your answer in part d, would new firms enter or existing firms exit the market? What would be the long-run impact on Harry-Chips' profit or loss? Explain in detail.{Hint! No actual figures are required.}[8 marks]