Question: Suppose that demand function D for golf clubs is Q= 150-0.50 P Where P is the price paid by consumer in dollars per club and

Suppose that demand function D for golf clubs is Q= 150-0.50 P Where P is the price paid by consumer 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=2.00 P Calculate the equilibrium price of golf clubs and equilibrium quantity sold : The equilibrium price is $ ? Per club and the equilibrium quantity is ? Thousands clubs Suppose instead that golf club producers agree to charge a price of $40 per club . This would result in a (Shortage , surplus ) of ? Thousands clubs

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