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

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? with graph explanation

(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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