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Page 1 irms produce a homogeneous product. Let p denote the product's price. The output level of firm 1 is denoted by q1, and the

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Page 1 irms produce a homogeneous product. Let p denote the product's price. The output level of firm 1 is denoted by q1, and the output level of firm 2 by q2. The aggregate industry output is denoted by Q = q1 + q2. The industry inverse demand curve for this product is given by p=200-4Q. Each firm has a constant average and marginal cost AC=MC=20

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