QUESTION 3 An industry consists of three firms with identical costs C(q) = 18q + q 2. Market demand is Q = 150 – p. What is the industry Cournot equilibrium if firms 1 and 2 merge (to jointly produce output q12)? 912=36; q3=24; p=90 O 912=32; q3=28; p=60 O 912=93=20; p=80 O 912=25; q3=22; p=48

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