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Now the two firms compete on prices à la Bertrand, and they also have the same (constant) marginal (and average) costs MCK = MCM = ACK = ACM =10.
The two firms initially sell identical products, and the market demand for processed meat is: Q=225 - 9p
(f) What is the Bertrand equilibrium price and the market equilibrium quantity?
(g) What are the two firms' output and profit? Assume for simplicity that if if KK's and MM's prices are equal, consumers 'flip a coin' to decide which to buy.
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