The city of Cedar Rapids has a large number of video poker arcades.  The demand by patrons for the games (in thousands per week) is Qd = 180 - 4P and the supply is Qs = 2P - 30 where P is the price in cents charged to play a game.   What is the equilibrium number (quantity) of games played? What is the equilibrium price? Draw a diagram depicting the equilibrium in this market.

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Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.