1 Cournot Suppose that the inverse market demand function is given by P 100 - Q. where Q is the total output. There are two firms in the industry. Each firm has a total cost function given by C competing in quantities. Calculate the profit maximizing price and quantity for both firms. = 104., where i = 1,2. They are

1 Cournot Suppose that the inverse market demand function is given by P 100 - Q. where Q is the total output. There are two firms in the industry. Each firm has a total cost function given by C competing in quantities. Calculate the profit maximizing price and quantity for both firms. = 104., where i = 1,2. They are

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Sort the following characteristics by whether they describe competitive markets, firms that can perfectly price discriminate, both, or neither.
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Continuing with inverse demand p = 50 - Q, if each firm has marginal cost of 0, what is the difference between the equilibrium price under Cournot competition and under Bertrand competition? The Cournot price is higher than the Bertrand price by 50. The Cournot price is lower than the Bertrand price by 25. The Cournot price is higher than the Bertrand price by 50/3. Equilibrium prices under Cournot and Bertrand are the same, so the difference is zero.
The perceived demand curve for the is Select the correct answer below: O perfectly competitive firm; also the market demand curve O perfectly competitive firm; downward sloping O monopolist; upward sloping O monopolist; also the market demand curve
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. In competitive markets, there are many small firms with each firm unable to influence the market price. Suppose company ABX operates in the wheat market. The company produces and markets wheats at a Price = $20 per container. The firm’s total costs are given as: TC = 50 +2Q + 3Q2 What price should the firm charge? Why?
3. Consider the Bertrand competition with differentiated products. Firm A's demand is qA = 12 – 4pA + 4pB and firm B's demand is qB = 18 – 6pB + 4pA: The marginal cost of firm A is 4 while the marginal cost of firm B is 3. What are the prices the firms will charge?
Suppose you have 5 identical Bertrand (price-competing) firms with MC for each equal to $10. The market elasticity of demand is -2.0. What is the market price?
Assuming that the competitive firms output is doubled then what will happen to the firms total revenue
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