Part 1 ( See Hint Two Cournot duopolists compete in a market with inverse demand given by p = 152.00 - 20, where p is the per-unit price, qi is the output for firm i (either firm 1 or firm 2), and Q = 91 + 92. Firm 1 has a cost function of c₁ (91) = 2₁₁ and firm 2 has a cost function of c2(92) = 392. Assume no fixed costs. What is the optimal output for firm 1? (Round to two decimals if necessary.) What is the optimal output for firm 2? (Round to two decimals if necessary.) Part 21 What is the equilibrium price in this market? $ (Round to two decimals if necessary.) Part 3 What is the profit for each firm? Firm 1 profit: $ (Round to two decimals if necessary.) Firm 2 profit: $ (Round to two decimals if necessary.) See Hint See Hint
Part 1 ( See Hint Two Cournot duopolists compete in a market with inverse demand given by p = 152.00 - 20, where p is the per-unit price, qi is the output for firm i (either firm 1 or firm 2), and Q = 91 + 92. Firm 1 has a cost function of c₁ (91) = 2₁₁ and firm 2 has a cost function of c2(92) = 392. Assume no fixed costs. What is the optimal output for firm 1? (Round to two decimals if necessary.) What is the optimal output for firm 2? (Round to two decimals if necessary.) Part 21 What is the equilibrium price in this market? $ (Round to two decimals if necessary.) Part 3 What is the profit for each firm? Firm 1 profit: $ (Round to two decimals if necessary.) Firm 2 profit: $ (Round to two decimals if necessary.) See Hint See Hint
Chapter15: Imperfect Competition
Section: Chapter Questions
Problem 15.2P
Question
Solve all parts will upvote.
The hand written solution is not allowed please
![Part 1 (
See Hint
Two Cournot duopolists compete in a market with inverse demand given by p = 152.00 - 20, where p is the per-unit price, qi is
the output for firm i (either firm 1 or firm 2), and Q = 91 + 92. Firm 1 has a cost function of c₁ (91) = 2₁₁ and firm 2 has a cost
function of c2(92) = 392. Assume no fixed costs.
What is the optimal output for firm 1?
(Round to two decimals if necessary.)
What is the optimal output for firm 2?
(Round to two decimals if necessary.)
Part 21
What is the equilibrium price in this market? $
(Round to two decimals if necessary.)
Part 3
What is the profit for each firm?
Firm 1 profit: $
(Round to two decimals if necessary.)
Firm 2 profit: $
(Round to two decimals if necessary.)
See Hint
See Hint](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff25a5dd5-b95a-4ada-afb6-4e72c39a8f10%2F785eaff6-43d7-499d-826c-b46a230b06df%2Fulyik3jo_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Part 1 (
See Hint
Two Cournot duopolists compete in a market with inverse demand given by p = 152.00 - 20, where p is the per-unit price, qi is
the output for firm i (either firm 1 or firm 2), and Q = 91 + 92. Firm 1 has a cost function of c₁ (91) = 2₁₁ and firm 2 has a cost
function of c2(92) = 392. Assume no fixed costs.
What is the optimal output for firm 1?
(Round to two decimals if necessary.)
What is the optimal output for firm 2?
(Round to two decimals if necessary.)
Part 21
What is the equilibrium price in this market? $
(Round to two decimals if necessary.)
Part 3
What is the profit for each firm?
Firm 1 profit: $
(Round to two decimals if necessary.)
Firm 2 profit: $
(Round to two decimals if necessary.)
See Hint
See Hint
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