As with all other assignments, please utilize well-executed, clearly constructed graphs where requested. 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 Q_d = 200 - 2P and the supply is Q_s = 2P 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.