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The calculator industry is dominated by two firms: Casio (C) and Texas Instruments (TI). The market demand function is P(Q) = 80 - Q, where
The calculator industry is dominated by two firms: Casio (C) and Texas Instruments (TI). The market demand function is P(Q) = 80 - Q, where Q is determined by the output of both firms. Casio's marginal cost to produce each calculator is $12, whereas Texas Instruments' marginal cost is $16. 4. Suppose the firms behave in a Cournot fashion, where they reveal their output simultaneously. How many calculators will Casio produce? Round your answer to the nearest integer. 5. Suppose the firms behave in a Cournot fashion, where they reveal their output simultaneously. How many calculators will Texas Instruments produce? Round your answer to the nearest integer. 6. Suppose the firms behave in a Cournot fashion, where they reveal their output simultaneously. What is the market price ofcalculators? Your answer should include only numbers and a decimal (if applicable). Do not include the $-sign. If your answer is not an integer, round it to the nearest cent (two decimal places). For example, if P = $0.10, type in "0.10". If your answer is an integer, do not add the ".00" at the end of your answer. For example, if your answer is $1, typing in "1" is the correct answer format. Do not type in "1.00
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