2. (Table: Gascolator Producers I) Banner and Sense are Bertrand competitors producing identical gascolators (a main line strainer). Banner's Sense's Price $100 80 100 Price $ 80 80 101 Banner's Sense's Quantity Sold Quantity Sold The inverse market demand curve for gascolators is P = 2,000-40, where Q is the quantity of gascolators and P is the price per gascolator. Banner and Sense produce gascolators at a constant marginal cost of $80. If Banner charges a price of $80 and Sense charges $80, Sense's quantity sold is 0 180 320 240

2. (Table: Gascolator Producers I) Banner and Sense are Bertrand competitors producing identical gascolators (a main line strainer). Banner's Sense's Price $100 80 100 Price $ 80 80 101 Banner's Sense's Quantity Sold Quantity Sold The inverse market demand curve for gascolators is P = 2,000-40, where Q is the quantity of gascolators and P is the price per gascolator. Banner and Sense produce gascolators at a constant marginal cost of $80. If Banner charges a price of $80 and Sense charges $80, Sense's quantity sold is 0 180 320 240

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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