Microeconomics Discussion – Corn chips

Topic:

1. 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.
   1. 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.
   2. Explain what happens to the equilibrium price of corn chips.
   3. Explain what happens to the equilibrium quantity of corn chips.
2. 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?

I dont want simple one-word answers.  I want to know the why and your reasoning.   Please remember your discussion post needs to be in complete sentences and without grammatical or spelling errors.  It should be written in your own words and should be a total of approximately 250 words, give or take.