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Find the nash equilibrium in prices

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Reference no: EM132653770

Consider a market with two firms (firms 1 and 2). The (inverse) demand curve is: p = 120 - q where q= q1 + q2 where q1 and q2 are the quantities produced by firms 1 and 2 respectively.

Assume firms have zero fixed costs and the marginal costs of production are MC1 = 20 and MC2= 40.

Find the Nash Equilibrium in prices assuming firms choose prices simultaneously.

Reference no: EM132653770

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