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Oligopoly Theory Cournot Assume two firms 1 and 2. The inverse market demand function is given by: P=30-(q1+92) Each firm produces with marginal costs of MC = 6 Fixed costs are zero. The next questions refer to the Cournot duopoly. Question 1 (1 point) Saved What is Firm 1's total revenue function? O TR1=30q1 -91 -922 O TR1=30-291-92 O TR1=30q1 -912-92 None of the above. Question 2 (1 point) Saved What is Firm 1's marginal revenue function? MR1=30-2q1 -92 O MR1=30-q1-292 O MR1=30-2q1-292 O None of the above. Question 3 (1 point) Saved What is Firm 1's response function? q1=12-0.5q2 O q1=12-q2 O q1=12-292 O None of the above Question 4 (1 point) If Firm 1 thinks that Firm 2 chooses to supply q2=10, then Firm 1's profit maximizing quantity would be q1*= 0 6 07 O 8 O 10Question 10 {1 point] In equilibrium, each firm's total prot is Eli: Question 11 {1 point] In equilibrium, total consumer surplus is CS= Question 12 {1 point] In equilibrium, total welfare is W= Stackelbe rg The next questions refer to the Steckelberg Leader Follower model. Assume Firm 1 is the leader. Question 13 {1 point] What is the leader's total revenue function? 0 TR1=42q1 -1.5q12 O TR1 =30q1 -1.0q12 O TR1 =18q1 -0.5q12 O TR1=6q1-0.25q12 Question 14 {1 point] What is the leader's marginal revenue function? 0 MR1=6-0.5q1 O MR1 =18-1q1 O MR1 =30-2q1 Question 5 (1 point} If Firm 2 thinks that Firm 1 chooses to supply q1=7, then Firm 1's profit maximizing quantity would be q1"= Question 6 [1 point} In equilibrium. each firm will supply q1= Question 7 (1 point} The market price in equilibrium will be P'{q1+q2}= Question 8 [1 point} In equilibrium, each firm's total revenue is equal to TRI= O 10.5 C) 103 O 110 O 112 Question 9 [1 point} In equilibrium. each firm's total variable cost is TVCI= 03 016 032 043 Question 10 {1 point] In equilibrium, each firm's total prot is Eli: 032 040