4. Consider two markets for the same good: markets 1 and 2. The demand for the good on these markets are: P₁ = 20 2Q₁ and p2=40-2Q2 The total cost of producing any output Q is c(Q) = 10 + 8Q where Q = 9₁ +92. (a) Suppose these two markets are completely separated but each is served by a per- fectly competitive industry. What will be the prices and outputs supplied to cach of the two markets?
4. Consider two markets for the same good: markets 1 and 2. The demand for the good on these markets are: P₁ = 20 2Q₁ and p2=40-2Q2 The total cost of producing any output Q is c(Q) = 10 + 8Q where Q = 9₁ +92. (a) Suppose these two markets are completely separated but each is served by a per- fectly competitive industry. What will be the prices and outputs supplied to cach of the two markets?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
![4. Consider two markets for the same good: markets 1 and 2. The demand for the good
on these markets are:
P₁ = 20 2Q₁ and P2 = 40-2Q2
The total cost of producing any output Q is c(Q) = 10 + 8Q where Q = 9₁ +92.
(a) Suppose these two markets are completely separated but each is served by a per-
fectly competitive industry. What will be the prices and outputs supplied to cach
of the two markets?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc3585354-64d7-4f4a-b055-4a9b75b3799d%2Fb0a195c7-1993-4ff3-a665-226d91cdcfa3%2Fbkso9bs_processed.png&w=3840&q=75)
Transcribed Image Text:4. Consider two markets for the same good: markets 1 and 2. The demand for the good
on these markets are:
P₁ = 20 2Q₁ and P2 = 40-2Q2
The total cost of producing any output Q is c(Q) = 10 + 8Q where Q = 9₁ +92.
(a) Suppose these two markets are completely separated but each is served by a per-
fectly competitive industry. What will be the prices and outputs supplied to cach
of the two markets?
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