Use the following demand and marginal cost information to, Ask an Expert

Economics

Use the following demand and marginal cost information to answer the questions:

Market Demand à P = 20 – (9/2) Q

Marginal Cost = 2

a. If an industry is a Cournot duopoly, what are the firm’s reaction functions?

b. If an industry is a Cournot duopoly, what is the equilibrium price and output? What are the profits for each firm?

c. Illustrate the firm’s pricing and output decision in a graph.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91796044

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