. . The market demand for a type of carpet known as KS-12 has been estimated as P = 75 - 1.5Q, where P is price ($/yard)

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. The market demand for a type of carpet known as KS-12 has been
estimated as
P = 75 - 1.5Q,
where P is price ($/yard), and Q is output per time period
(thousands of yards per month). The market supply is
expressed as P = 25 + 0.50Q. A typical competitive firm that
markets this type of carpet has a marginal cost of production
of
MC = 7.5 + 6Q.
Determine the market equilibrium price for this type of carpet
and the equilibrium output in the market.
A. $37.5 and 25 thousand yards per month.
B. $27.5 and 26 thousand yards per month.
C. $37.5 and 20 thousand yards per month.
D. $27.5 and 25 thousand yards per month.
E. None of the above.
. Using the information in question previous, how much the
typical firm will produce per month at the equilibrium price?
A. 8 thousand yards per month.
B. 5 thousand yards per month.
C. 4 thousand yards per month.
D. 6 thousand yards per month.
E. None of the above.
12. Using the information in questions from previously, if all
firms had the same cost structure, how many firms would compete at
this equilibrium price?
A. 8 firms.
B. 6 firms.
C. 10 firms.
D. 5 firms.
E. None of the above.