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Suppose that firm 1 and firm 2 operate under conditions of constant average and marginal cost but that firm 1’s marginal cost is c1 = 10 and firm 2’s marginal cost c2 = 8. Market demand is Q = 500 − 20P.
(a) Supposee two firms practice Cournot competition, that is, choosing quantities for their identically product simultaneously. Compute the Nash equilibrium quantity.
(b) Compute firms’ prices, profit and market outcome in the Nash equilibrium.
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q. assume the industry demand for a product is p 1000 - 20q. assume that the marginal cost of product is 10 per unit.a
"Equities" is another word for
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Consider a market where the demand curve is P = 1 − Q , and where there are no production costs. Find the Cournot equilibrium level of output for each firm. Find the level of output that maximizes total profit in the market. If the firms split the ou..
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