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What is the revenue function and the marginal revenue

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Reference no: EM132301501

Suppose there are only two firms 1 and 2 in oligopolistic Cournot market. If the market demand curve is P = 40 - q1 - q2, where q1 is the quantity produced by firm 1 and q2 is quantity produced by firm 2, answer the following questions:

a) What is the revenue function and the marginal revenue function of each firm?

b) Given that the marginal cost is $4, what is the best response function for each

Reference no: EM132301501

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