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cost s… Show more Suppose we have a duopoly in the product

Paper help Economics cost s… Show more Suppose we have a duopoly in the product

Economics

cost s… Show more Suppose we have a duopoly in the product

cost s… Show more Suppose we have a duopoly in the production of mineral spring water. Each firm has the same cost structure where MC(Q) = 10. The market demand for mineral spring water is given by: P = 70 – Q/50 Suppose that for the 2 firms, Firm 1 can choose its output first, and then Firm 2 chooses its output level. How much will each firm produce? What is the total industry output? How much profit do each of the firms earn? Is there an advantage to choosing your output first? Please ignore all “A” symbols. I dont know how to take them off. Thank you. • Show less

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