Answered: Table 17-4 Only two firms, ABC and MNO,…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Questions: A) How much less do each of these firms earn in the Nash equilibrium than if they jointly maximize profits? Please provide me with the correct answer, complete with a detailed explanation and calculations; otherwise, I will give multiple downvotes.Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.

Table
17-4
Only two firms, ABC and MNO, sell a particular product. The following table shows the demand curve for their product. Each firm has the same constant marginal cost of $4 and
zero fixed cost.
Price
Quantity Demanded Total Revenue
(Dollars per unit)
(Units)
(Dollars)
14
0
0
13
5
65
12
10
120
11
15
165
10
20
200
9
25
225
8
30
240
7
35
245
6
40
240
5
45
225
4
50
200
3
55
165
2
60
120
1
65
65
0
70
0

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