Page 1 of 1
Firm A and Firm B are the only two firms in a market where price is determined by the inverse demand function: P = 224 -
Posted: Sun Jul 03, 2022 3:44 pm
by answerhappygod
- Firm A And Firm B Are The Only Two Firms In A Market Where Price Is Determined By The Inverse Demand Function P 224 1 (45.34 KiB) Viewed 13 times
Firm A and Firm B are the only two firms in a market where price is determined by the inverse demand function: P = 224 - Q. Q is the sum of Firm A and Firm B's output, so Q = 9A + 9B Firm A's total cost function is given by TCA(QA) = 69A Firm B's total cost function is given by TCB(48)= 998 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)