Let the Supply and Demand Functions for a Certain Model $p=S(q)=\frac{2}{3} q \quad$

question 48

Multiple Choice

Let the supply and demand functions for a certain model of electric pencil sharpener be given by $p=S(q) =\frac{2}{3} q \quad$ and $p=D(q) =12-\frac{2}{3} q$ where p is the price in dollars and q is the quantity of pencil sharpeners (in hundreds) . Graph these functions on the same axes (graph the supply function as a dashed line and the demand function as A solid line) . Also, find the equilibrium quantity and the equilibrium price.