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An industry has two firms. The inverse demand function in the industry is p(Q) = 48 Q where Q is total output. Firm 1 and

An industry has two firms. The inverse demand function in the industry is p(Q) = 48 Q where Q is total output. Firm 1 and firm 2 have a constant marginal (and average) cost of $20 per unit and $16 per unit, respectively.

In a Cournot equilibrium how much profit will each duopolist earn?

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