Two firms competing on output choice face the following market demand curve P=30-Q where Q=q1+q2 and their cost functions are TC1=10q1 and TC2=20q2. What are the equilibrium prices of firm 1 and 2 respectively * 0;10 O None of the above O 6.67;3.33 3.33;6.67 O 10;0

Two firms competing on output choice face the following market demand curve P=30-Q where Q=q1+q2 and their cost functions are TC1=10q1 and TC2=20q2. What are the equilibrium prices of firm 1 and 2 respectively * 0;10 O None of the above O 6.67;3.33 3.33;6.67 O 10;0

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Two firms competing on
output choice face the
following market demand
curve P=30-Q where Q=q1+q2
and their cost functions are
TC1=10q1 and TC2=20q2. What
are the equilibrium prices of
firm 1 and 2 respectively *
O 0;10
O None of the above
O 6.67;3.33
O 3.33;6.67
O 10;0

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