Assume a market demand function specified as Q-100-P and marginal cost (MC) = 10, if quantities supplied
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Question:
Assume a market demand function specified as Q-100-P and marginal cost (MC) = 10, if quantities supplied are 2, and 2, for firm A and Firm B respectively,
(i). Determine reaction functions for the firms.
(ii) Determine Q, and 2.
(iii). Calculate the industry's price.
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