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2. The market demand for a good is represented by P=400-20Q. Firms are symmetric with cost functions C=30q. Assume the firms compete in a Cournot

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2. The market demand for a good is represented by P=400-20Q. Firms are symmetric with cost functions C=30q. Assume the firms compete in a Cournot Oligopoly (i.e., simultaneous choices of quantity). a) Say there are two firms in the market. Solve for equilibrium production levels and prices. b) Now do the same for three firms. c) Which situation is better for consumers

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