Suppose the demand function (D) for golf clubs is: Q= 240 – 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 $ 160 per club (Enter your response as an integer.), and the equilibrium quantity is 160 thousand clubs (Enter your response as an integer.) Suppose instead that golf club producers agree to charge a price of $180 per club. This would result in a V of thousand clubs (Enter your response as an integer.)

Suppose the demand function (D) for golf clubs is: Q= 240 – 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 $ 160 per club (Enter your response as an integer.), and the equilibrium quantity is 160 thousand clubs (Enter your response as an integer.) Suppose instead that golf club producers agree to charge a price of $180 per club. This would result in a V of thousand clubs (Enter your response as an integer.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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