The chart below contains the necessary information for a Cournot duopoly with an identical product. You have the market

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The Chart Below Contains The Necessary Information For A Cournot Duopoly With An Identical Product You Have The Market 1 (73.59 KiB) Viewed 36 times

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The chart below contains the necessary information for a Cournot duopoly with an identical product. You have the market demand, Qd = 60-0.5P and each firm has the same marginal cost; MC₁=MC2-30. There are columns available for the market price, producer surplus for each firm and the total producer surplus for the firms together. 1. Complete the table. Use the example in the lecture as a model. 2. What is the competitive outcome for this market? 3. What is the cooperative outcome for this market? 4. Is the cooperative outcome for this market stable? Explain. Q₁ Q₂ P PS₁ PS₂ PStot 9 9 10 9 10 10 11 11 12 12 13 13 14 14 15 15 16 10 11 11 12 12 13 13 14 14 15 15 16 16
Question 1 1/1 point Answer using an integer with no other characters. When Q1-10 and Q2-9, the producer surplus for firm 2 is 468 Question 2 1/1 point Answer using an integer with no other characters. When Q1-9 and Q2-8, the market price is 86 Question 3 0/1 point Answer using an integer with no other characters. At the competitive outcome, each firm's quantity is 60 Question 4 1/1 point Answer using an integer with no other characters. At the competitive outcome, each firm's producer surplus will be 450 0/1 point Question 5 Answer using an integer with no other characters. At the cooperative outcome, each firm's quantity is 60 0/1 point Question 6 Answer using an integer with no other characters. At the cooperative outcome, each firm's producer surplus will be 22.5 0/1 point
Question 7 0/1 point Answer using an integer with no other characters. If one firm produces the cooperative quantity and the other firm produces the competitive quantity, the producer surplus for the firm producing the competitive quantity will be 22.5 Question 8 0/1 point The cooperative outcome is unstable because the firm that produces the cooperative outcome will gain additional producer surplus at the expense of the firm that produces the competitive outcome. True False