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In the town of Middleofnowhere there are only two farmers and they are the only producers of milk. The local demand for milk is given by (P denotes price measured in cents, Q denotes the total quantity measured in cartons): P = 2000 - 2Q. Both farmers have the same cost function given by (C is total cost measured in cents and q is output measured in cartons): C = 80,000 + 560 q.
(a) Calculate and draw the reaction (or best reply) function of firm 1 (that is, calculate the profit-maximizing output of firm 1 for every possible output of firm 2). Do the same for firm 2.
(b) Calculate the Cournot-Nash equilibrium (give the output of each firm, the total output, the price and the profit of each firm)
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