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Use the following to answer questions 6-10: Suppose that firms 1, and 2 are Cournot duopolists in the salt industry. The mark
7) Find Firm 2 optimal production levels q2=?. Select one: O a. 0<q2<2 O b. 2<92<4 O c. 4<q2<6 O d. 6<q2 O e. None of the abo
8) Determine the equilibrium price? (p= ?) Select one: O a. O<P<3 O b. 3<P<4 O c. 4<P<5 d. 5<P O O e. None of the above
9) Firm 1 will earn? (pi1=?) Select one: O a. O<Pil<10 Ob. 10<Pi1<20 O c. 20<Pi1<22 O d. 22<Pi1<23 O e. None of the above
10) Firm 2 will earn? (pi2=?) Select one: O a. O<Pi2<10 O b. 10<Pi2<20 Oc. 20<Pi2<22 Ood. 22<Pi2<23 -- - None of the above
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Answer #1

Care Firm! Totul perenne (TR) = 29., (20-@) W TR1 = (20-91-92) qi Marginal Revenue = diri da => MR1 = 20-29, -22] elq) = 12 Msolving 0 and ① ae Gel- . 29, +q2 = 19 22 2 + q = 18 22 = 50667 21= 6:67: Price be Pwofth = TR-TC for firme =P.9,- 91 7 P = 7

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