Which statement defines equilibrium in a graph showing demand and supply curves? a. it is the point where the demand and supply curves intersect. b. it is the point where the demand and supply curves begin. c. it is the point on the demand curve where demand is highest. d. it is the point on the supply curve where supply is highest.

Quick computing currently sells 12 million computer chips each year at a price of $19 per chip. it is about to introduce a new chip, and it forecasts annual sales of 22 million of these improved chips at a price of $24 each. however, demand for the old chip will decrease, and sales of the old chip are expected to fall to 6 million per year. the old chips cost $10 each to manufacture, and the new ones will cost $14 each. what is the proper cash flow to use to evaluate the present value of the introduction of the new chip? (enter your answer in millions.)