The inverse market demand in a homogeneous product is P=100-2(Q1+Q2) and Cost are C1(Q2)=12Q1 and C2(Q2)=20Q2.
A. Determine the reaction function for each firm.
B. Calculate each firm's equilibrium output.
C. Calculate the equilibrium market price.
D. Calculate the profit each firm earns in equilibrium.© BrainMass Inc. brainmass.com October 9, 2019, 9:12 pm ad1c9bdddf
All the parts of the question regarding the firm's equilibrium output, market price and profit have been solved neatly and step-by-step in the solution.