Answer to first part is 15, need 16 done 16. Calculate the profits for firm 1 for the situation described in question 15 before, where the inverse demand function wasP(q1, q2)=131-(1/5)(q1+q2)and marginal costs for both firms were 50.Determine the equilibrium profits for firm 13645.00 (answer to 2 decimal places) There are two firms in a homogenous product market described by the demand functionP(q1,q2)=131-(1/5)(q1+q2),and both firms have marginal costs of 50. Firms choose once and simultaneously quantities.How much does firm 1 produce in equilibrium?(answer to 2 decimal places)

Given : P = 131 - q1 +q25 MC1= MC2= 50 In case of cournot equilibrium firm choses simultaneous…

6. Calculate the profits for firm 1 for the situation described in question 15 before, where the inverse demand function was P(q1, q2)=131-(1/5)(q1+q2) and marginal costs for both firms were 50. Determine the equilibrium profits for firm 1 3645.00 (answer to 2 decimal places)

6. Calculate the profits for firm 1 for the situation described in question 15 before, where the inverse demand function was P(q1, q2)=131-(1/5)(q1+q2) and marginal costs for both firms were 50. Determine the equilibrium profits for firm 1 3645.00 (answer to 2 decimal places)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Answer to first part is 15, need 16 done

There are two firms in a homogenous product market described by the demand function
P(q1,q2)=131-(1/5)(q1+q2),
and both firms have marginal costs of 50. Firms choose once and simultaneously quantities.
How much does firm 1 produce in equilibrium?
(answer to 2 decimal places)

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