9 A duopoly faces a market demand of p= 120-Q. Firm 1 has a constant marginal cost of MC¹ = $10. Firm 2's constant marginal cost is MC² = $20. Calculate theoutput of each firm, market output, and price if there is (a) a collusive equilibrium or (b) a Cournot equilibrium.The collusive equilibrium occurs where q, equals and q2 equals 0. (Enter numeric responses using real numbers rounded to two decimal places)Solve for:Collusive Q1, Q2, market output, andcollusive equilibrium price.Cournot-Nash equilibrium Q1,Q2, price andmarket output.

Collusion is a non-cutthroat, secret, and some of the time unlawful understanding between rivals…

Answered: olve for: Collusive Q1, Q2, market…

Business

Economics

olve for: Collusive Q1, Q2, market output, and ollusive equilibrium price.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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