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What is the equilibrium number of games played

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Reference no: EM133081113

1.The city of Chambana has a large number of video poker arcades. The demand by patrons for the games (in thousands per week) is Qd = 120 - 3P and the supply is Qs = 2P - 30 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.

Reference no: EM133081113

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