Consider a Cournot duopoly. The market demand function is P = 112-1(q1+q2), where P is the market price, q1 is the output produced by Firm 1 and q2 is the output produced by Firm 2. The two firms have a constant marginal cost c= 17. What is Firm 2's profit? Round your answer to the nearest integer (e.g. 50)

Consider a Cournot duopoly. The market demand function is P = 112-1(q1+q2), where P is the market price, q1 is the output produced by Firm 1 and q2 is the output produced by Firm 2. The two firms have a constant marginal cost c= 17. What is Firm 2's profit? Round your answer to the nearest integer (e.g. 50)

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter10: Monopolistic Competition And Oligoply

Section: Chapter Questions

Problem 12SQP

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