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Consider an industry consisting of two firms producing an identical product.The inverse market demand equation is P = 423Q.The total cost equations for firms 1

Consider an industry consisting of two firms producing an identical product.The inverse market demand equation is P = 423Q.The total cost equations for firms 1 and 2 are TC1= 6Q1and TC2= 6Q2, respectively. Suppose that the two firms are Cournot competitors.The equilibrium level of output for firm 1 is:

6.

2.

8.

10.

4.

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