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Suppose that the price of gum is 70 a pack describe the

Question: The demand and supply schedules for gum are:

                         Quantity                   Quantoty
    Price                 demanded                  supplied
(cents per pack)              (millions of packs a week)

20 180 60

40 140 100

60 100 140

80 60 180

a. Suppose that the price of gum is 70¢ a pack. Describe the situation in the gum market and explain how the price adjusts.

b. Suppose that the price of gum is 30¢ a pack. Describe the situation in the gum market and explain how the price adjusts.

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Microeconomics: Suppose that the price of gum is 70 a pack describe the

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Microeconomics: Suppose that the price of gum is 70 a pack describe the

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