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Cournot Duopoly). Suppose there are two firms, Firm 1 and Firm 2 in a market. Each firm simultaneously chooses a quantity of output to produce (q1 and q2). Total market output is given by Q = q1 + q2. The market demand curve determines the price to clear the market. Market demand is given by P = 112 – 4Q. Also, each firm produces at a constant marginal cost, MC = 16.
a) What is Firm 1’s Best Response function?
b) How much output will each firm produce in the Cournot-Nash equilibrium?
c) What is the deadweight loss in this market?
Explain how would the competitive balance in the American and National Leagues change if baseball owners forced the Yankees to move to Albuquerque, New Mexico.
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What is the outcome of the case and whether you agree with the final decision and why?
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Create a proposal for the Final Research Paper which is due in Week Six. This proposal will help you develop a comprehensive guideline for your Research Paper. A clear thesis statement. An annotated bibliography for at least 10 scholarly or professio..
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