(Answered) 1 demand in a market is given by p 20

Economics

1. Demand in a market is given by P = 20 - Q. The cost function is C = Q2:

2. and marginal cost of production is 2Q.

(a) What are the monopoly output and profits?

(b) Suppose that there are two firms in the market. If they were to agree to maximize industry profits, how much would each produce? What would the profits of each firm and industry profits be?

(d) Is the collusive agreement in (b) a Nash equilibrium?

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