Suppose that the market demand function is given by Q=200-P, where Q is the total market quantity and P is the market price. Assume that TC = 40Q. Answer each of the following (a) Compute the equilibrium price, and quantity under perfect competi- tion. (b) Compute the equilibrium price, quantity, under a monopoly. (c) Compute the equilibrium quantity, price, and profit under a Cournot duopoly. (d) Compute the equilibrium quantity, price and profit under a Stackelberg model where Firm 1 is the Leader and Firm 2 is the Follower.

Suppose that the market demand function is given by Q=200-P, where Q is the total market quantity and P is the market price. Assume that TC = 40Q. Answer each of the following (a) Compute the equilibrium price, and quantity under perfect competi- tion. (b) Compute the equilibrium price, quantity, under a monopoly. (c) Compute the equilibrium quantity, price, and profit under a Cournot duopoly. (d) Compute the equilibrium quantity, price and profit under a Stackelberg model where Firm 1 is the Leader and Firm 2 is the Follower.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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