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Joe and Rebecca are small-town ready-mix concrete duopolists. The market demand functionis Qd = 10,000 - 100P, where P is the price of a cubic yard of concrete and Qd is the numberof cubic yards demanded per year. Marginal cost is $25 per cubic yard. Suppose that Joe andRebecca compete in quantities and competition in this market is described by Cournot model.What are Joe and Rebecca's Nash equilibrium outputs? What is the resulting price? What dothey each earn as profit? How does the price compare to the marginal cost?

 

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91255723

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