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What is the homogeneous-good duopoly Cournot equilibrium if the market demand function is Q=1,600 1,000p, and each firm's marginal cost is $0.28 per unit? The Cournot-Nash equilibrium occurs where q₁ equals 440 and q₂ equals 440. (Enter numeric responses using real numbers rounded to two decimal places.) Furthermore, the equilibrium occurs at a price of $ (Round your answer to the nearest penny.)

What is the homogeneous-good duopoly Cournot equilibrium if the market demand function is Q=1,600 1,000p, and each firm's marginal cost is $0.28 per unit? The Cournot-Nash equilibrium occurs where q₁ equals 440 and q₂ equals 440. (Enter numeric responses using real numbers rounded to two decimal places.) Furthermore, the equilibrium occurs at a price of $ (Round your answer to the nearest penny.)

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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What is the homogeneous-good duopoly Cournot equilibrium if the market demand function is Q=1,600 1,000p, and each firm's marginal cost is $0.28 per unit? The Cournot-Nash equilibrium occurs where q₁ equals 440 and q₂ equals 440. (Enter numeric responses using real numbers rounded to two decimal places.) Furthermore, the equilibrium occurs at a price of $ (Round your answer to the nearest penny.)
Transcribed Image Text:What is the homogeneous-good duopoly Cournot equilibrium if the market demand function is Q=1,600 1,000p, and each firm's marginal cost is $0.28 per unit? The Cournot-Nash equilibrium occurs where q₁ equals 440 and q₂ equals 440. (Enter numeric responses using real numbers rounded to two decimal places.) Furthermore, the equilibrium occurs at a price of $ (Round your answer to the nearest penny.)
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