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Can you show me a step by step solution to this problem please?
Consider a Bertrand oligopoly consisting of four firms that produce an identical product at a marginal cost of $160. The inverse market demand for this product is P = 800 -5Q.
a. Determine the equilibrium level of output in the market.
b. Determine the equilibrium market price.
c. Determine the profits of each firm
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The cost measure sellers use to determine whether or not to produce the optimal (i.e. profit maximizing) level of output is:
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