The student needs to write the equation for the supply curve in slope-intercept form, which is already given as P = -0.4 + 0.2Qs. By graphing this supply curve and the demand curve on the same axes, we find that they intersect at a price of $2 and a quantity of 12 units, indicating the market equilibrium.
The student is asking to find the best price for a product based on supply and demand. According to the data provided, the equation of the supply line in slope-intercept form (where 'x' is quantity and 'y' is price) is already given as P = -0.4 + 0.2Qs.
This equation indicates that the vertical intercept is -0.4, and the slope of the supply curve is 0.2. To visualize the relationship, one could graph this supply curve along with the demand curve on the same set of axes.
According to the data provided, the point where supply equals demand (Qs = Qd) is where the price is $2 and the quantity is 12 units. This point is where the two curves intersect on the graph, and it allows us to determine the market equilibrium price and quantity without using algebra.