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Question: Two local concrete producers dominate the market in Concrete County: Firm 1 and Firm 2. The concrete produced by the two firms is identical. Throughout the problem, assume that there is no collusion between the firms. The two firms' total monthly costs are given by TC1=20,000+200q1 TC2=40,000+100q2 where q1 is the output of firm 1, and q2 is the output of firm 2 (in tons of concrete). The demand curve for concrete in Concrete County is as follows: P=2000-2Q where Q=q1+q2
1. Compute the reaction function for each firm.
2 Find the equilibrium quantities and the price of concrete in Concrete Country. Calculate the monthly profit of each firm in equilibrium.
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