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Equilibrium price

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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 + 0.5Q. A typical competitive firm that markets this type of carpet has a marginal cost of production of MC=2.5+10q. Under these conditions, the typical firm will produce 2,000 yards per month at the equilibrium price.

Reference no: EM133372641

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