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6. The large turbine generator industry is a duopoly. The two firms, GE and Westinghouse, compete through Cournot quantity setting competition. The inverse demand curve
6. The large turbine generator industry is a duopoly. The two firms, GE and Westinghouse, compete through Cournot quantity setting competition. The inverse demand curve for the industry is P = 100 - Q, where P is price (in $millions) and Q is the total quantity produced by GE and Westinghouse. Currently, each firm has marginal cost of $40 and no fixed costs. What are the equilibrium output and price and per firm profit
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