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4. Consider a market for differentiated products with two single product firms. The marginal cost to produce each product is 6. There is no fixed

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4. Consider a market for differentiated products with two single product firms. The marginal cost to produce each product is 6. There is no fixed cost. The demand functions are given by 91(P1,P2) = 48 - 2p1 + P2, 92(P1, P2) = 48 + p1 - 2p2. (a) Assuming that firms 1 and 2 compete on prices, determine (Nash) equilibrium prices and quan- tities

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