Please no written by hand 1. Suppose the automobile manufacturing industry has two firms, General Motors and Ford. Assume that the market demand function is Q = 1,000 − p, and each firm’s marginal cost and average cost are $40. a. What is the marginal revenue for General Motors? Assume, ??? represent residual demand for General Motors and ?? represents residual demand for Ford. b. What is the best response function for General Motors and Ford? c. What is the Nash-Cournot equilibrium in this market?

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