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QUESTION
The market demand curve for mineral water is P=15-Q. Suppose that there are two firms that produce mineral water, each with a constant marginal cost...
- The market demand curve for mineral water is P=15-Q. Suppose that there are two firms that produce mineral water, each with a constant marginal cost of 3 dollars per unit. Suppose that both firms make their production decisions simultaneously. How much each firm should produce to maximize its profit? Calculate the market price.
