Calculate the output of each firm and market output

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A duopoly faces a market demand of p=120-q. Firm 1 has a constant marginal cost of MC1=20. Firm 2's constant marginal cost is MC2=40. Calculate the output of each firm, market output, and price if there is

a) A collusive equilibrium or

b) A cournot equilibrium

Reference no: EM13239483

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