Two firms face a demand equation given by: P=200,000 –6(q1+q2) where q1 and q2 are the outputs of the two...kmrill
Two firms face a demand equation given by: P=200,000 –6(q1+q2) where q1 and q2 are the outputs of the two firms. The total cost equations for the two firms are given by: TC1=8000q1 and TC2=8000q2 (A) If each of the firms sets its own output rate to maximize its profits, assuming that the other firm holds its rate of output constant, solve for the optimal output of each firm (q1* and q2*), the optimal price (P*), and the profit of each firm.
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