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The inverse market demand function in a homogenous product Cournot duopoly is P = 150 - 2
(Q1+Q2); C1(Q1) = 13 Q1; C2(Q2) = 22 Q2.
a) Determine the reaction function for each firm
b) Calculate each firm's equilibrium output
c) Calculate the equilibrium market price
d) Calculate the profit each firm earns in equilibrium

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M91231265

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