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Two firms compete for consumers who have aggregate demand x =100-2p. Firm 1 has constant marginal cost, with MC1=1 and firm 2 has MC2 equal to some constant c>1. Using Cournot quantity competition:

a) Compute and graph both firms' best response functions and mark the Cournot equilibrium on your graph. (You do not need to find out the equilibrium.)

b) Interpret your result in one to two sentences.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M947228

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