ECON 361 - Consider a market with demand P(Q) Question # 00621253 Posted By: dr.tony Updated on: 11/24/2017 05:14 AM Due on: 11/24/2017 Subject Economics Topic General Economics Tutorials: 1 See full Answer Question Consider a market with demand P(Q) = 108-2Q inwhich two rms compete. Firm 1 faces TC1(Q) = 48Qand rm 2 faces TC2(Q) = 36Q.(a) Find the reaction function for rm 1.(b) Find the reaction function for rm 2.(c) Find the Cournot equilibrium (Q1;Q2; P).(d) Determine prots for each rm and consumer surplus. Rating: 4.9/5
Solution: ECON 361 - Consider a market with demand P(Q)