For a new diet pill, 60 pills will be supplied at a price of $40, while 100 pills will be supplied at a price of $60.The demand for the diet pills is 50 pills at a price of $47.50 and 80 pills at a price of $32.50.

1. Write the supply and demand equations for the pills.

1. At what quantity and price does equilibrium occur?

1. Briefly explain what the equilibrium quantity and price are and what they mean.