Question: Question Completion Status: A2 O A3 A4 10 p QUESTION 11 (Bertrand Competition) Consider the following duopoly market. The firms produce differentiated good. The demand

Question Completion Status: A2 O A3 A4 10 p QUESTION 11 (Bertrand Competition) Consider the following duopoly market. The firms produce differentiated good. The demand for good / is q; = 120 - 8p; + p . Firm 1 and firm 2 have the following total cost functions: TC(q,) -691, TC(q2) - 292. In this market, both firms choose price simultaneously. What is the best esponse function for firm 1? O 168 + P2 16 O 120 + P2 16 O 48 + P2 16 O 136 + P2 P1 16 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answers Save W

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