Final answer:
To graph the demand and supply curve function, use the equations for Qd and Qs, solve for P, and plot the curves on the same set of axes. The intersection of the curves represents the equilibrium price and quantity.
Step-by-step explanation:
To graph the demand and supply curve function, we can use the equations for Qd and Qs. The demand curve function is given by P = 8 - 0.5Qd and the supply curve function is given by P = -0.4 + 0.2Qs. By solving each equation for P, we can plot the curves on the same set of axes. The demand curve has a vertical intercept of 8 and a slope of -0.5, while the supply curve has a vertical intercept of -0.4 and a slope of 0.2.
When we plot the curves and find the point where they intersect (Qs = Qd), we can determine the price and quantity. In this case, the price is $2 and the quantity is 12, which is consistent with the algebraic solution.