A market is organized as a duopoly, and the market demand function is Q = 1000 -

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A market is organized as a duopoly, and the market demand function is Q = 1000 - 1000P. Each of the two firms has a constant marginal cost equal to $0.28 per unit of output.

a) Derive the best-response function for each firm.

b) Calculate the equilibrium quantity supplied in the market and the equilibrium price.

c) Calculate the profit level for each firm.

Related Book For answer-question

Microeconomics An Intuitive Approach with Calculus

ISBN: 978-0538453257

1st edition

Authors: Thomas Nechyba

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Posted Date: Mar 06, 2024 12:46 AM

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A market is organized as a duopoly, and the market demand function is Q = 1000 -

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Microeconomics An Intuitive Approach with Calculus

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