(Answered) Market demand for a product isnbspp 400-5q where q is the

Economics

Market demand for a product is: P = 400-5Q, where Q is the total output of firm 1 and firm 2. Both firms have total cost functions of TC = 3000 + 25Q. (Assume that firms can produce fractional units)

Solve for the reaction function of both firms.
Solve for the Cournot equilibrium level of output, total quantity, and price.
Calculate the profits for each firm.

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