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An industry consists of two firms, Firm 1 and Firm 2. The inverse market demand for a homogenous product is given by P=100-q1-q2, where q1 is the output produced by Firm 1, q2 is the output produced by Firm 2, and P is the market price of the product. Firms have asymmetric costs, particularly the per unit operating cost of Firm 1 is 10 and the per unit operating cost of Firm 2 is 15. Assume the firms compete simultaneously in quantities and determine firms' profits and quantitates under collusion. Does collusive behavior increase social welfare (i.e., answer by comparing your results with the Cournot equilibrium results)?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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