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Suppose there are two firms in a market who each simultaneously choose a quantity. Firms 1s quantity is q1 and firms 2s is q2. Therefore the market quantity is Q=q1+q2. The market demand curve is given by P=100-4Q. Also, each firm has constant marginal cost = 28. There are no fixed costs.
MR1=100-8q1-4q2MR2=100-4q1-8q2
I found the output of each firm to be 6 for each and the market price to be 52
a.) What is the deadweight loss that results from this duopoly?b.) How much profit does each firm make?c.) Suppose firm 2 produced 2 units of output, how much output should firm 1 produce in order to max profit?
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