Should find that each firm produces 33.33 units, so that market quantity is = 66.67 and P = $30. Then under monopoly, we should have = 50 and = $40; and under perfect competition we have = 100 and = $10. Hence, we confirm that the Cournot-Nash equilibrium price and quantity are between the monopoly and perfect competition results. NOTE: these are the answers but I need help getting there, just thought I'd post them with the question just in case.

(Chapter 6) Suppose than an industry comprises only two firms that produce identical output. Suppose that the inverse market demand for the output is given P=700.6Q. If each firm has a marginal cost of production given by MC1= MC2=10, and the firms know each other's marginal cost functions and the inverse market demand function, please compute the Cournot-Nash equilibrium between these two firms and the resulting market price. Lastly, please show (with calculations) that the price and quantity obtained here is between the monopoly and perfectly competitive market quantities and prices. (Chapter 6) Suppose than an industry comprises only two firms that produce identical output. Suppose that the inverse market demand for the output is given P=700.6Q. If each firm has a marginal cost of production given by MC1= MC2=10, and the firms know each other's marginal cost functions and the inverse market demand function, please compute the Cournot-Nash equilibrium between these two firms and the resulting market price. Lastly, please show (with calculations) that the price and quantity obtained here is between the monopoly and perfectly competitive market quantities and prices