Suppose there are two firms in the market, firm 1 and form 2, which face the following market demand curve P-300-5Q Suppose each firm has the following marginal costs MC-30 and MC 40. How much does each firm produce? What price will they sell their produce for? Round your answers to the nearest whole number Firm 1 will produce type your answer. Firm 2 will produce type your answer... The product will sell for $ type your answer. units

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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Suppose there are two firms in the market, fem 1 and form 2, which face the following market demand curve P-300-5Q Suppose each firm has the following marginal
costs MC-30 and MC-40. How much does each firm produce? What price will they sell their produce for? Round your answers to the nearest whole number.
Firm 1 will produce type your answer.
units
units
Firm 2 will produce type your answer...
The product will sell for 5 type your answer.
Transcribed Image Text:12 13 14 15 Suppose there are two firms in the market, fem 1 and form 2, which face the following market demand curve P-300-5Q Suppose each firm has the following marginal costs MC-30 and MC-40. How much does each firm produce? What price will they sell their produce for? Round your answers to the nearest whole number. Firm 1 will produce type your answer. units units Firm 2 will produce type your answer... The product will sell for 5 type your answer.
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