Please 3. Assume that two companies (C and D) are duopolists that produce identical products.Demand for the products is given by the following linear demand function:P = 600 – Qc - QDwhere Qc and Qp are the quantities sold by the respective firms and P is the sellingprice. The total cost functions for the two companies areTCC25,000 + 100Qc%3DTCp = 20,000 + 100QDAssume that the firms form act independently as in the Count model (i.e., each firmassumes that the other firm's output will not change).а.Determine the long-run equilibrium output and selling price for each firm.b.Determine that total profits for each firm at the equilibrium output found in Part (a).

Answer: Given, Demand function: P=600-QC-QDWhere QC and QD are the quantities sold by firm C and D…

3. Assume that two companies (C and D) are duopolists that produce identical products. Demand for the products is given by the following linear demand function: P = 600 – Qc – Q. where Qc and Qp are the quantities sold by the respective firms and P is the selling price. The total cost functions for the two companies are = 25,000 + 100QC = 20,000 + 100QD TCC %3D TCD %3D Assume that the firms form act independently as in the Count model (i.e., each firm assumes that the other firm's output will not change). а. Determine the long-run equilibrium output and selling price for each firm. b. Determine that total profits for each firm at the equilibrium output found in Part (a).

3. Assume that two companies (C and D) are duopolists that produce identical products. Demand for the products is given by the following linear demand function: P = 600 – Qc – Q. where Qc and Qp are the quantities sold by the respective firms and P is the selling price. The total cost functions for the two companies are = 25,000 + 100QC = 20,000 + 100QD TCC %3D TCD %3D Assume that the firms form act independently as in the Count model (i.e., each firm assumes that the other firm's output will not change). а. Determine the long-run equilibrium output and selling price for each firm. b. Determine that total profits for each firm at the equilibrium output found in Part (a).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

What do experts consider the key to securing a long-term business loan?
Calculate the simple interest due on a 58-day loan of $1300 if the interest rate is 5%. (Round your answer to the nearest cent.)$
https://www.youtube.com/watch?v=4rUfoU04QJM please I need a short summary of this video
Why do some frozen pizzas cost more than others? Think generic versus name brand. Why would a customer opt to purchase a name brand pizza over a generic brand?
answer quickly
What does credit tell you about the consumer culture in the 1920s
How does Michael Porter define a substitute product? What are substitutes for Cash App's products and services?
What is the meaning of interest rate