Calculate the output and profits using given information

Reference no: EM132207433

Question: Consider the market for widgets. Widgets are homogeneous, and the estimated demand is 150- 0.1P where P is the market price in dollars and Q is the total industry quantity. Suppose two firms of equal size, Widgonomics and Widgets-R-Us, totally control the industry. Each firm produces at a constant marginal cost of $20 and has no fixed costs. Use this information to calculate the output, price, and profits in Cournot, Stackelberg, Bertrand, and collusion settings.

Reference no: EM132207433

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