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Please help with (a) and (b) 2. Suppose two rms are competing in prices (Bertrand) in an industry where demand is P:360-12Q. Assume neither rm

Please help with (a) and (b)

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2. Suppose two rms are competing in prices (Bertrand) in an industry where demand is P:360-12Q. Assume neither rm faces any xed costs. (a) If both rms have MC=150, what is the equilibrium price? Prots? (b) Suppose Firm 1 has M01 = 240 and Firm 2 has M 02 = 0. Approximately how much prot does each rm make? (c) Suppose Firm 1 has M01 = 204 and Firm 2 has M 02 = 96. Approximately how much prot does each rm make

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