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Consider a duopoly with two firms with the cost functions: Firm 1: C1(q1)=791 Firm 2: C2(92)=792 The firms compete in a market with inverse demand
Consider a duopoly with two firms with the cost functions: Firm 1: C1(q1)=791 Firm 2: C2(92)=792 The firms compete in a market with inverse demand p = 1000 - 4Q where Q=q1+q2. The firms compete in a Cournot fashion by choosing output simultaneously. What is the Nash-Cournot equilibrium output of firm 1? Round your answer to the nearest 10th (0.1)
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