Question
The general form of the inverse demand curve is P = a - bQ. In one market, the specific inverse demand is P = 100
The general form of the inverse demand curve is P = a - bQ. In one market, the specific inverse demand is P = 100 - 1/3Q and the marginal cost for all firms is MC = 25.
There are 6 firms competing in a Cournot Oligopoly
-How much will each firm produce in equilibrium?
-What is the total market supply?
-What is the equilibrium price?
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Exploring Economics
Authors: Robert L Sexton
5th Edition
978-1439040249, 1439040249
