Question

If the market demand curve of two firms in a duopolistic market is P = 20 - Q where
Q = Q1+Q2 and Qı and Q2 are the outputs of firm 1 and fimm 2 respectively. The firms are
operating at a constant average and marginal cost of AC = MC = 4.Find out reaction
functions of the two firms as per Counot's model. Calculate the profit maximizing
equilibrium price and output.​

Answer 1

Answer:

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