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Suppose two firms are producing the same product in a particular market and the market price depends on the total output (1 + 2) according
Suppose two firms are producing the same product in a particular market and the market price depends on the total output (1 + 2) according to = (1 + 2 ) where a and b are constants. Please derive the revenue function and the marginal revenue function for each firm. (11 points) [Hint: Each firm's revenue depends not only on its own output but also the other firm's output. When you try to derive the marginal revenue of a firm, always treat the other firm's output as a constant
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