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Q.1There are two firms in the market. One has lower costs than the other. Assume they compete within the market in a Cournot game. Find the equilibrium output of both firms, the market-clearing price, the profit each firm earns, and consumer surplus.
Demand: Q = 200 − 4P
MC1 = AC1 = 8, MC2 = AC2 = 5
Note: The firms’ costs are different, therefore their best response functions must look different (MR1 = MC1 will not be the same MR2 = MC2).
Q.3Suppose there is a different market in which three identical firms compete in a Cournot game. Find the output of each firm, consumer surplus and profit each firm earns.
Demand: Q = 220 − 2P MC = AC = 5
(Hint: You do not have to use solve MR=MC for every single firm.)
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