Discussion Post: Microeconomics- Corn Chips
• The market for corn chips is at equilibrium. Due to some bad weather, the supply of corn (a major ingredient for corn chips) drastically declines.
o Analyze step by step what happens to the corn chip market. In your analysis, be sure to include which curve shifts and in which direction the curve shifts.
o Explain what happens to the equilibrium price of corn chips.
o Explain what happens to the equilibrium quantity of corn chips.
• "The price of corn chips falls and this causes the demand for corn chips to increase." Is this statement correct or incorrect? Why or why not?
The response should include a reference list. One-inch margins, Using Times New Roman 12 pnt font, double-space and APA style of writing and citations.