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In an industry with two firms, represent the outputs for these single product firms as q1 and q2 . The two firms decide to form a cartel and set their levels of output to maximise total profits for the industry. Consider the situation where the industry inverse demand function curve which the two firms face is:
P = 25-2q
where q is the total output or sales of the two firms. Next, suppose that these firms have different cost structures. In particular, the total cost functions for firm 1 and firm 2, respectively, are
C1=q1
C2 = 0.25q22
Determine the price charged by the profit-maximizing cartel, the amount of industry profit earned, and the output and profit share for each firm. Ensure you have found a maximum by deriving the second-order sufficient conditions.
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1. Cost minimizing firms must be profit maximizing as well. False, why??
Socio Economic conditions of country also affect the sales forecasting. They may include total national income per capita income standard of living of the masses, education, inflat
Highlight the few heading of it
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