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Find how much each firm produces and each firm profit

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Reference no: EM132246772

Consider the Duopoly model where firms choose quantity to maximize their profit, but market price is set by the sum of all individual firms' output:

P = 69 - 0.5Q, market demand,

C(q1) = 2q1,

C(q2) = 4q2,

Q = q1 + q2, market supply.

(a) Find how much each firm produces and each firm's profit when the other firm produces 60 units,

(b) Find how much each firm produces and each firm's profit at the Nash Equilibrium.

Reference no: EM132246772

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