Question: Hello need help with this please Question 2 Three (3) identical firms produce widgets. Each firm faces a constant marginal cost of $10 per widget.

Hello need help with this please

Hello need help with this please Question 2 Three (3) identical firms

Question 2 Three (3) identical firms produce widgets. Each firm faces a constant marginal cost of $10 per widget. and has fixed costs of 315.0%. The firms compete by selecting quantities (Cournot Competition]. Inverse demand in the market is given by the equation, Q P = . 5\" mu where P represents the market price and Q is the total quantity produced by the three firms. Required: (a) Derive the total cost function for the typical firm. (Hint: Use GA to represent the quantity produced by this firm.) {2 marks} (b) Derive the profit function for the typical firm. (Hint: Use X to represent the com- bined production of the remaining two firms.) {3 marks} (c) Derive the best response function for the typical firm. {3 marks} (d) Find the equilibrium quantity of the typical firm. {2 marks} (e) Find the equilibrium market price and the profits of the typical firm. {3 marks} (f) Explain hovlr would you expect the structure of this market to change over time. Maximum length 133 words. (Hint: You do not need to do any further calculations for this part of the question.) {2 marks}

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