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1.Suppose demand and supply functions for TVs are: Q=920-8P Q=-120+2P a.Find equilibrium price and quantity algebraically b.Graph these two functions, label axes, curves and equilibrium

1.Suppose demand and supply functions for TVs are:

Q=920-8P

Q=-120+2P

a.Find equilibrium price and quantity algebraically

b.Graph these two functions, label axes, curves and equilibrium points on the graph.Show all work. (note: you may need to invert these functions first when p is on the left-had side)

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