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Suppose the demand function (D) for golf clubs is: Q = 180 0.50P, where P is the price paid by consumers in dollars per club
Suppose the demand function (D) for golf clubs is: Q = 180 0.50P, where P is the price paid by consumers in dollars per club and Q is the quantity demanded in thousands. Suppose the supply curve (S) for golf clubs is estimated to be: Q = 1.00P. Calculate the equilibrium price for golf clubs and the equilibrium quantity sold. The equilibrium price is $ 120 per club (Enter your response as an integer), and the equilibrium quantity is 120 thousand clubs (Enter your response as an integer.) Suppose instead that golf club producers agree to charge a price of $140 per club. This would result in a surplus of thousand clubs (Enter your response as an integer.)
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