You are the manager of Billy's Burritos, one of only two suppliers of tasty fish tacos in town. Billy's Burritos and its competitor, Ellen's Enchiladas, compete in a Cournot duopoly. The weekly demand for fish tacos is: Q=90-10P where Q is the quantity of fish tacos and P is the price of a fish taco. The total quantity, Q, of fish tacos is equal to: Q=9B + 4E where qe is the quantity of fish tacos produced by Billy's Burritos and qe is the quantity of fish tacos produced by Ellen's Enchiladas. The demand function can be solved for the price as a function of the quantity, which is the inverse demand: P=9-0.10Q. Each firm incurs a total cost of producing and selling q, fish tacos of: TC (9) = 12 = 120+3q₁. The Cournot quantity of fish tacos that each firm produces each week will be tacos. When each firm produces its Cournot quantity, the resulting market price of a fish taco is $ per taco.

You are the manager of Billy's Burritos, one of only two suppliers of tasty fish tacos in town. Billy's Burritos and its competitor, Ellen's Enchiladas, compete in a Cournot duopoly. The weekly demand for fish tacos is: Q=90-10P where Q is the quantity of fish tacos and P is the price of a fish taco. The total quantity, Q, of fish tacos is equal to: Q=9B + 4E where qe is the quantity of fish tacos produced by Billy's Burritos and qe is the quantity of fish tacos produced by Ellen's Enchiladas. The demand function can be solved for the price as a function of the quantity, which is the inverse demand: P=9-0.10Q. Each firm incurs a total cost of producing and selling q, fish tacos of: TC (9) = 12 = 120+3q₁. The Cournot quantity of fish tacos that each firm produces each week will be tacos. When each firm produces its Cournot quantity, the resulting market price of a fish taco is $ per taco.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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