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Assume that Firm A and Firm E are two ?rms in the market that produce identical goods. Given that the inverse demand function faced by the ?rms are P = 259 - 3({24 + Q's] The total costs ?ced by the ?rms are as follows: Te].1 = 311:5.1 andTE'B = 2:25 where Q is output in units (round up to 1 decimal points only) and price is in RM; Firms decide independently the production level and the price charged by each ?rm is determined by the total amount produced by the two ?rms.
1. Determine the marginal revenue for each ?rm.
ii. Determine the reaction function for each ?rm.
iii. Determine the output produce by each ?rm in equilibrium.
iv. Determine the equilibrium pro?ts for each ?rm.
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