Question: Use the following two equations: (1) P = 12 2Q (2) P = 3 +Q a. Find the equilibrium price and quantity. b. Graph

Use the following two equations:

(1) P = 12 – 2Q

(2) P = 3 +Q

a. Find the equilibrium price and quantity.

b. Graph the demand and supply equations. Illustrate the equilibrium point.

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