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Cournot homogenous product duopoly

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Reference no: EM132389401

Two firms compete in a Cournot homogenous product duopoly. Firm 1 has costs C(Q1)=4Q1 and Firm 2 has costs C(Q2)=8Q2. Which of the following statements is true?

  1. Firm 1 will produce less output than firm 2.
  2. Firm 1 will produce more output than firm 2.
  3. Firm 1 and firm 2 will produce the same quantity of output.
  4. Respective outputs will depend on the firms' respective demands.

Reference no: EM132389401

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