11 A duopoly faces a market demand of p= 120 -Q Firm 1 has a constant marginal cost of Mc' = $20. Firm 2's constantmarginal cost is MC² = $40 Calculate the output of each firm, market output, and price if there is (a) a collusive equilibriumor (b) a Cournot equilibriumThe collusive equilibrium occurs where q, equals and q2 equals(Enter numeric responses using real numbersrounded to two decimal places)Market output isThe collusive equilibrium price is SThe Cournot-Nash equilibrium occurs where q, equals and q, equalsMarket output isFurthermore, the equilibrium occurs at a price of $

We have, A market demand is given = 120-Q MC1 = $20, MC2 = $40 NOTE = The producers supply output…

Fi arginal cost is MC² = $40 Calculate the output of each firm, market output, and price if there is (a) a cc (b) a Cournot equilibrium %3D ne collusive equilibrium occurs where q, equals and q, equals (Enter numeric responses usir unded to two decimal places) arket output is ne collusive equilibrium price is S ne Cournot-Nash equilibrium occurs where q, equals and q, equals arket output is

Fi arginal cost is MC² = $40 Calculate the output of each firm, market output, and price if there is (a) a cc (b) a Cournot equilibrium %3D ne collusive equilibrium occurs where q, equals and q, equals (Enter numeric responses usir unded to two decimal places) arket output is ne collusive equilibrium price is S ne Cournot-Nash equilibrium occurs where q, equals and q, equals arket output is

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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