HW Sco Concept Question 2.4 IC Suppose the demand function (D) for golf clubs is

Question

HW Sco Concept Question 2.4 IC Suppose the demand function (D) for golf clubs is: Q 150-0.50P where P is the price paid by consumers in dollars per club and Q is the quantity demanded in thousands ark Suppose the supply curve (S) for golf clubs is estimated to be: a1.00P s w Calculate the equilibrium price for golf clubs and the equilibrium quantity sold. it o The equilibrium price is s per club (Enter your response as an intoger) rt Enter your answer in the answer box and then click Check Answer Clear All remaining

Explanation / Answer

Quantity Demanded equals Quantity supplied at equilibrium

Qd=Qs

150-0.5P=1P

150=1.5P

P=100

then Q=100

Equilibrium Price is $100

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