Question 2 Consider a market with just one firm. The demand in the market is p 100-2Q and the marginal cost is $4. a. How much output will this firm produce? What will be the profit and consumers surplus? b. Suppose a second firm with the same cost function enters the market and the two firms compete in a Cournot style (simultaneous output choice). What will be the equilibrium price and quantity in the market? What is the total market profit and consumer surplus?

Question 2 Consider a market with just one firm. The demand in the market is p 100-2Q and the marginal cost is $4. a. How much output will this firm produce? What will be the profit and consumers surplus? b. Suppose a second firm with the same cost function enters the market and the two firms compete in a Cournot style (simultaneous output choice). What will be the equilibrium price and quantity in the market? What is the total market profit and consumer surplus?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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