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The market demand curve for a homogeneous product is given by p=70-Q where Q is the total quantity demanded at a price p. Suppose that

The market demand curve for a homogeneous product is given by p=70-Q where Q is the total quantity demanded at a price p. Suppose that there are two firms in the market. Each firm has a constant marginal cost of 10, and there are no fixed costs.

If the two firms compete as Cournot duopolists, what will be the equilibrium market price? What are the firms' output levels and the firms' profits at equilibrium?

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