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The market for widgets consists of two firms that produce identical products. Competition in the market is such that each of the firms independently produces a quantity of output, and these quantities are then sold in the market at a price that is determined by the total amount produced by the two firms. Firm 2 is known to have a cost advantage over firm 1. A recent study found that the (inverse) market demand curve face by the two firms is P=280-2(Q1+Q2), and costs are C1(Q1)=3Q1 and C2(Q2)=2Q2.

What is each firm's marginal revenue
And What is each firm's reaction function?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M941234

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