Refer to the figure. The graph represents the weekly demand and supply for the game console market.  Instructions: Enter your answers as a whole number. a. What is the equilibrium price and quantity?      Price: $                           Quantity: game consoles b. Show the area of consumer surplus on the graph, and then determine how much consumer surplus is generated in the market each week.

The demand and supply functions of a good are given by{ P = 7 QD + 18P = −13 QS + 40where P denotes the price, QD the quantity demanded and QS the quantitysupplied.(a) Determine the equilibrium price and quantity.(b) Sketch the demand and supply functions on the same graph. Label theaxes and the intercepts clearly

In a supply-demand diagram with price measured on the vertical axis and quantity on the horizontal, the market equilibrium is found where the supply and demand curves . (Insert a single word.)

On a piece of paper, draw a graph of the demand and supply of product X, and show the equilibrium in the market. (7 points)

In a competitive market the demand curve is given by P = 120–2q and supply by P = q. What are the equilibrium price and quantity traded?Group of answer choicesP* = 60, q* = 60P* = 40, q* = 80P* = 40, q* = 40P* = 20, q* = 40None of the above.

The graph shows the supply and demand curves for a market. At a price of Upper P 3 there would be excess demand equal to Part 2 A.Upper Q 1 Upper Q 3 Upper Q 1 Upper Q 3 B.Upper Q 3 Upper Q 5 Upper Q 3 Upper Q 5 C.0 0 D.Upper Q 2 Upper Q 4 Upper Q 2 Upper Q 4 E.Upper Q 1 Upper Q 5 Upper Q 1 Upper Q 5