Suppose the demand function (D) for golf clubs is:

Q=1800.50P,

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=2.00P.

Part 2Calculate the equilibrium price for golf clubs and the equilibrium quantity sold.Part 3The equilibrium price is

$enter your response here

per club

(Enter

your response as an integer.), and the equilibrium quantity is

enter your response here

thousand clubs

(Enter

your response as an

integer.)

Part 4Suppose instead that golf club producers agree to charge a price of

$52

per club.Part 5This would result in a

surplus

shortage

of

enter your response here

thousand clubs

(Enter

your response as an

integer.)