economic its urgent - 45248

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  1. Cournot Oligopoly. SupposetwoCournotfirmsfacethefollowinginversedemand P=122q1q2 wherecostfunctionsforfirm1is3q1  andforfirm2is4q2.
    1. Findeachfirm’sreactioncurveandsolvefortheCournot-Nashequilibrium.



  1. Characterizeanequilibriuminwhichonlyonefirmproducesbutwherethere arepositiveeconomicprofits.Findtheprice,theoutputlevel,andtotalprofits. [Hint:  thinkcarefullyabout which firmoptimallyremainsinthemarketand howtheotherfirmneedstobecompensatedtostayoutof themarket]
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