Suppose the demand function​ (D) for golf clubs​ is: Q​P, 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: QP. Calculate the equilibrium price for golf clubs and the equilibrium quantity sold. The equilibrium price is ​$ 75 per club ​(Enter your response as an​ integer.)​, and the equilibrium quantity is 75 thousand clubs ​(Enter your response as an integer.​) Suppose instead that golf club producers agree to charge a price of ​$ per club. This would result in a surplus of nothing thousand clubs ​(Enter your response as an integer.​)

(a)

The equilibrium price is $75 per club

The equilibrium quantity is 75000 clubs

(b)

A charge a price of $​50 per club. This would result in a surplus of 25000 clubs

Explanation:

Given

--- The demand function

--- The supply function

Solving (a): The equilibrium price and quantity

To do this, we equate both functions

This gives:

Collect like terms

Make P the subject

---The equilibrium price

Substitute 75 for P in

---- The equilibrium quantity

Solving (c): When the price is changed to $50

This means that:

The quantity demanded will be:

Subtract the equilibrium quantity from  to get the shortage/surplus

Since the change is positive, then there is a surplus.

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