Question 3 Firm 1 and Firm 2 are the only two firms in a market where price is determined by the inverse demand function

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Question 3 Firm 1 And Firm 2 Are The Only Two Firms In A Market Where Price Is Determined By The Inverse Demand Function 1 (39.91 KiB) Viewed 11 times

Question 3 Firm 1 and Firm 2 are the only two firms in a market where price is determined by the inverse demand function: P = 123 - Q. Q is the sum of Firm 1 and Firm 2's output, so Q = 9₁ +92 Firm 1's total cost function is given by TC₁(91) = 291 Firm 2's total cost function is given by TC₂(92) = 692 10 pts If these firms Cournot compete (simultaneously setting quantities), what will market output be when both firms are maximizing profits in equilibrium? (Note: The answer may not be a whole number, so round to the nearest hundredth) (Note: The numbers may change between questions, so read carefully)