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Question 2 Suppose that the market demand for mountain spring water is given as follows: P = 1200 - Q. Mountain spring water can be

Question 2

Suppose that the market demand for mountain spring water is given as follows:

P = 1200 - Q. Mountain spring water can be produced at no cost.

(a)What is the profit maximizing level of output and price of a monopolist?(4 marks)

(b) What level of output would be produced by each firm in a Cournot duopoly

in the long run? What will the price be?

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