image attached thankyou PROBLEM (7) In a dominant-firm market with market demand Q= 120 -p, the dominant firm has marginal2costs MC(q)q and the fringe consists of 5 firms, each with marginal cost MC(q) =2q.3(a) What is the resulting market price? How many units does the dominant firm produce? How many units doeseach firm in the fringe produce?(b) Given the quantities and the implied market shares in (a), calculate the 4CR and HHI indices for this market

PROBLEM (7) In a dominant-firm market with market demand Q = 120 -p, the dominant firm has marginal costs MC(q) = q and the fringe consists of 5 firms, each with marginal cost MC(q) =2q. (a) What is the resulting market price? How many units does the dominant firm produce? How many units does each firm in the fringe produce? (b) Given the quantities and the implied market shares in (a), calculate the 4CR and HHI indices for this market

PROBLEM (7) In a dominant-firm market with market demand Q = 120 -p, the dominant firm has marginal costs MC(q) = q and the fringe consists of 5 firms, each with marginal cost MC(q) =2q. (a) What is the resulting market price? How many units does the dominant firm produce? How many units does each firm in the fringe produce? (b) Given the quantities and the implied market shares in (a), calculate the 4CR and HHI indices for this market

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

image attached thankyou

PROBLEM (7) In a dominant-firm market with market demand Q
= 120 -p, the dominant firm has marginal
2
costs MC(q)
q and the fringe consists of 5 firms, each with marginal cost MC(q) =2q.
3
(a) What is the resulting market price? How many units does the dominant firm produce? How many units does
each firm in the fringe produce?
(b) Given the quantities and the implied market shares in (a), calculate the 4CR and HHI indices for this market

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