Posted on by Judy

Two Firms Compete In A Homogeneous Product Market Where The Inverse Demand Funct

PQ
b. Determine the current profits of the two firms.
Instruction:
Firm 1’s profits: $   million
Firm 2’s profits: $   million
c. What would each firm’s current profits be if Firm 1 reduced its price to $10 while Firm 2 continued to charge $15?
Instruction:
Firm 1’s profits: $   million
Firm 2’s profits: $   million
 
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