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Use the following to answer questions 6-10: Suppose that firms 1, and 2 are Cournot duopolists...

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Economics

Use the following to answer questions 6-10:

Suppose that firms 1, and 2 are Cournot duopolists in the saltindustry. The market demand curve can be specified as Q=20-p,Q=q1+q2

(The firms choose their quantities simultaneously.)

The cost to firm 1 is C(q1)=1q1.

The cost to firm 2 is C(q2)=2q2.

6)   Find Firm 1 optimal production levels q1=?.

Select one:

a.
  0

b.
2

c.
  4

d.
6

e.
None of the above

7)    Find Firm 2 optimal production levelsq2=?.

Select one:

a.
0

b.
2

c.
  4

d.
6

e.
  None of the above

8)   Determine the equilibrium price? (p=?)

Select one:

a.
  0

b.
3

c.
  4

d.
  5

e. None of the above

9) Firm 1 will earn? (pi1=?)

Select one:

a.
  0

b.
  10

c.
  20

d.
  22

e.
  None of the above

10)   Firm 2 will earn? (pi2=?)

Select one:

a.
0

b.
10

c.
  20

d.
  22

e.
None of the above

Answer & Explanation Solved by verified expert
4.4 Ratings (762 Votes)
Q 20 pp 20 Q 20 q1 q2MC1 dC1dq1 1MC2 dC2dq2 2For firm 1TR1 p x q1 20q1 q12 q1q2MR1 TR1q1 20 2q1    See Answer
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