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The inverse demand for a homogeneous-product Stackelberg duopoly is P = 12,000 -5Q. The cost structures for the leader and the follower, respectively, are CL(QL) = 3,000QL and CF (QF) = 6,000QF.
a. What is the follower's reaction function?
QF = - QL
b. Determine the equilibrium output level for both the leader and the follower.
Leader output: Follower output:
c. Determine the equilibrium market price.
$
d. Determine the profits of the leader and the follower.
Leader profits: $ Follower profits: $
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