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Consider a Bertrand oligopoly consisting of four firms that produce an identical product at a marginal cost of $220. The inverse market demand for this

Consider a Bertrand oligopoly consisting of four firms that produce an identical product at a marginal cost of $220. The inverse market demand for this product isP= 500 -5Q.

a. Determine the equilibrium level of output in the market.

b. Determine the equilibrium market price.

$

c. Determine the profits of each firm.

$

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