Suppose that identical duopoly firms have constant marginal costs of $16 per unit. Firm 1 faces a demand function of 9, = 160 - 2p, + 1P2. where q, is Firm 1's output, p, is Firm 1's price, and p, is Firm 2's price. Similarly, the demand Firm 2 faces is 92 = 160 - 2p2 + 1P1- Solve for the Bertrand equilibrium. In equilibrium, p, equals $ 64.00 and p, equals $ 64.00. (Enter numeric responses using integers.) At these prices, q, equals 96.00 and q, equals 96.00'. The total quantity supplied is 192.00.

what does this mean in terms of the interrelationship of supply, price, and demand on two items of your choice. Maybe it’s a Christmas that a child really wants but that most stores no longer have in stock. Or it might be a piece of clothing that you bought last year and now want to replace it but which is hard to find or twice as expensive as what it was last year.

MICROECONOMICS  Questions 3  ( ALL OF IT IS ONE QUESTION!!!) For article 3 write the number of the graph that best describes what happened. Fill in only the appropriate boxes in the chart for article 3 and be sure and indicate if it is an increase or a decrease.  For the graph use an arrow to indicate an increase or a decrease. Make sure you fill in the graph PLEASE Leave it blank if there is no change   Masks (Now). The easing Covid-19 pandemic is expected to reduce demand for medical masks this year, joining a group of companies that have forecast a decline in business from Covid-19 prevention. Masks became a billion-dollar business for the St. Paul, Minn., manufacturer starting in 2020, when the virus’s rapid spread sent consumers and healthcare workers looking to secure facial coverings to try to avoid infection. Now, as the latest U.S. surge caused by the Omicron variant fades, 3M said they are seeing slowing mask sales. WHICH GRAPH BEST FITS THE ARTICLE.   Graph # Graph…

Why is it important to set prices correctly?