2. There are n ≥ 2 profit-maximising firms producing a homogeneous good, competing inquantity, and facing the inverse demand function P(Q) = 10-Q, where Q = ₁-1 9iis the total quantity produced in the market. Each firm i faces the same linear costfunction: C(q) = 2qi.(a) Find the total quantity produced and the equilibrium price.

We have demand function P=10-Q and cost C =2qi

2. There are n ≥ 2 profit-maximising firms producing a homogeneous good, competing in quantity, and facing the inverse demand function P(Q) = 10-Q, where Q = -19i is the total quantity produced in the market. Each firm i faces the same linear cost function: C(q) = 2qi. (a) Find the total quantity produced and the equilibrium price.

2. There are n ≥ 2 profit-maximising firms producing a homogeneous good, competing in quantity, and facing the inverse demand function P(Q) = 10-Q, where Q = -19i is the total quantity produced in the market. Each firm i faces the same linear cost function: C(q) = 2qi. (a) Find the total quantity produced and the equilibrium price.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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