An important application of systems of equations arises in connection with supply and demand. As the price of a product​ increases, the demand for that product decreases.​ However, at higher​ prices, suppliers are willing to produce greater quantities of the product. The price at which supply and demand are equal is called the equilibrium price. The quantity supplied and demanded at that price is called the equilibrium quantity. The following models describe wages for​ low-skilled labor, where p is the price of labor​ (per hour). Use the models below to complete parts​ (a) through​ (e).

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