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Two dairy farmers produce milk for a local town with local milk demand given by (P denotes price measured in Rands, Q denotes the quantity
Two dairy farmers produce milk for a local town with local milk demand given by
(P denotes price measured in Rands, Q denotes the quantity measured in liters). Both farmers
have the same cost function given by Q = 100 + 1/3p (where denotes output).
(a) Determine the reaction function of each farmer.
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