From the following figure, determine (a) The equilibrium exchange rate between the dollar and the pound sterling

Question:

From the following figure, determine
(a) The equilibrium between the dollar and the pound sterling and the equilibrium quantity of pounds with supply curve S£ and S′£ under a flexible system.
(b) If the United States wanted to maintain the at $3 = £1 with supply curve S£, how much pound reserves would the U.S. central bank gain or lose per day? Exchange Rate
The value of one currency for the purpose of conversion to another. Exchange Rate means on any day, for purposes of determining the Dollar Equivalent of any currency other than Dollars, the rate at which such currency may be exchanged into Dollars...