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Could you please send me the solution to the following problem?
Could you please send me the solution to the following problem? Thank you
Suppose there are two producers of silver in the world: Mexico and Peru. In 2014, total production was 280 (millions of ounces), whereas price was $18 per ounce. Marginal cost is constant at the level of $10 per ounce (Mexico) and $12 per ounce (Peru). Finally, suppose that firms compete according to the Cournot model (output levels are determined simultaneously and the equilibrium price is such that total demand equals total supply