In Nyeri town there are only two milk processors. The local inverse demand for milk is given by: Q = 120- P, where P denotes price, Q denotes the total quantity measured in cartons. Both milk processors have the same cost function given by C = 30Q, where C is total cost and Q is output measured in cartons. What output should Firm 1 and 2 produce? Select one: A. Each should produce 15 units of output B. Each should produce 50 units of output C. Each should produce 90 units of output D. Each should produce 45 units of output E. Each should produce 65 units of output F. Each should produce 60 units of output G. Each should produce 30 units of output H. Each should produce 32.5 units of output

In Nyeri town there are only two milk processors. The local inverse demand for milk is given by: Q = 120- P, where P denotes price, Q denotes the total quantity measured in cartons. Both milk processors have the same cost function given by C = 30Q, where C is total cost and Q is output measured in cartons. What output should Firm 1 and 2 produce? Select one: A. Each should produce 15 units of output B. Each should produce 50 units of output C. Each should produce 90 units of output D. Each should produce 45 units of output E. Each should produce 65 units of output F. Each should produce 60 units of output G. Each should produce 30 units of output H. Each should produce 32.5 units of output

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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