Please remember to: Label all axes (P, Q) Label all lines/curves (Demand, Supply) Label all relevant equilibrium points Label intercepts for your linear demand and supply. (Intercepts are the points where the lines intersect the axes. For example, if a demand curve intersects the price axis at P=100, indicating that at P=100, 0 units are demanded, you should label that point on the axis with the price of 100). Please limit your depictions of supply and demand only to the non-negative values of P and Q (e.g., utilize only Quadrant 1 of the coordinate plane). This means that your supply curve will have one applicable intercept on the P-axis, while the demand curve will have two applicable intercepts on the P- and Q-axes.

The city of Chambana has a large number of video poker arcades. The demand by patrons for the games (in thousands per week) is Qd = 120 - 3P and the supply is Qs = 2P - 30 where P is the price in cents charged to play a game. (Note: Please be careful and consistent with your units of measurement.) What is the equilibrium number (quantity) of games played? What is the equilibrium price? Draw a diagram depicting the equilibrium in this market.