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QUESTION
Econ 302 Homework # 6 McLeod Due in class Friday December 10. Name ______________________________________________________ ID #...
1. (24 total points) Suppose there are two firms in a market who each simultaneously choose a quantity. Firm 1’s quantity is q1, and firm 2’s quantity is q2. Therefore the market quantity is Q = q1 + q2. The market demand curve is given by P = 100 – 4Q. Also, Firm 1 has constant marginal cost equal to 28, and Firm 2 has constant marginal cost equal to 4.. There are no fixed costs.The marginal revenue of the two firms are given by:•
