Question
Please help with this homework question. a. Complete the table (I completed TR, MR, MC & Profit but not sure if it right) b.If the
Please help with this homework question.
a. Complete the table (I completed TR, MR, MC & Profit but not sure if it right)
b.If the market were perfectly competitive, what would the price and quantity be?
c.If the two firms collude and form a cartel, what is the joint profit-maximizing level of output and price?
d.If the two firms split the market evenly, what would be Firm 1's production and profit?
e.What would happen to Firm 2's profit if it increased its production by one unit while Firm 1 stuck to the cartel agreement?
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How China Escaped Shock Therapy The Market Reform Debate
Authors: Isabella M Weber
1st Edition
0429953968, 9780429953965
