Question No. 1 The demand and supply schedules for gum are in the table. Quantity demanded (millions of packs a week) 180 Quantity supplied Price (cents per pack) 20 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. c. Explain and show the effect of each of these events on the market for gum () (ii) (ii) The labor wage of gum rises Decrease in the prices of substitute good of gum Advertisement on social media about new flavors of the gum introduced

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