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There are two identical firms in a market with demand Q(p) = 10 -2p, and cost functionc(q) = 2q for both firms. If Firm 1 believes that Firm 2 will sell q2 =2. By using a Cournot model, find out the profit maximizing level of production for Firm 1, price, profits for each firm, and consumer surplus.

Microeconomics, Economics

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