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The price in a market is dominated by two firms is affected by the quantities supplied by both firms, Q1 and Q2: P= 90-(Q1+Q2). The marginal cost for the two firms is identical and constant and equal to 30

a. Derive the equation for total revenue for two firms
b. Compute the profit-maximizing levels of output and prices for the firms.
c. Compute the profit-maximizing level of output and price for the industry if the duopolists merged and form a monopoly.
d. Compare and constrat the result from c and d.

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M939023

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