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3. Monopolistic Competition Consider a situation where two firms, 1 and 2 produce an similar product in a market and face slightly different market inverse

3. Monopolistic Competition Consider a situation where two firms, 1 and 2 produce an similar product in a market and face slightly different market inverse demand curves 200 - 4q1 - 292 P2 = 200 - 2q1 - 4q2 and constant marginal costs of MC = 24. Calculate the equilibrium quantities, market price, and equilibrium profits that each firm receives

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