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Consider an economy with market demand Q(p)=20-2p. There are two identical firms in this economy with constant marginal costs equal to 1 and no fixed costs. Assume that firms set prices and follow a Bertrand model to do so.

What are the price, quantities, and profits for each firm in equilibrium? Assume that the government charges a per unit tax of $1.

What are the price, quantities, and profits for each firm in equilibrium?

find out the deadweight loss of the tax

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M942593

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