(Answered) Demand and total cost functions

Economics

Problem: Two local manufacturing firms have a combined demand and total cost functions given by:

Q = 105-P

TC1=5Q+0.5Q12

TC2=5Q2+0.5Q22

Question: If they cannot successfully collude and instead produce where market price equals marginal cost, what would be their total output? What would each firms profit be? Explain your answer and provide examples.

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Microeconomics, Economics

Category:- Microeconomics
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