Question: I need helping answering the questions below based on this information and graph. D1 = 310 - 0.2Q D2 = 450 - 0.2Q MRT =

I need helping answering the questions below based on this information and graph.

D1 = 310 - 0.2Q

D2 = 450 - 0.2Q

MRT = 380 - 0.2Q

DT = 380 - 0.1Q

MC = 0.0005Q^2 - 0.55Q + 290

a. Compare the demand conditions in each market; i.e. how do the two markets differ in their demand for the firm's product?

b. How much total output should the firm produce (for both markets combined)? How should that output be allocated between markets 1 and 2?

c. What price should the firm charge in each market?

QD1MR1D2MR2MRTDTMC
0310310450450290
100290270430410240
200270230410370200
300250190390330170
400230150370290300150
500210110350250280140
60019070330210260140
70017030310170240310150
800150290130220300170
90013027090200290200
100011025050180280240
11009023010160270290
120070210140260350
130050190120250420
140030170100240500
I need helping answering the questions below based on this information and

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!