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March 25, 2017

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Suppose the inverse market demand equation is P = 80 ¡V 4(QA+QB), where QA is the output of firm A and QB is the output of firm B, and both firms have a constant marginal constant of $4.

(a)Write down the Bertrand equilibrium prices for this market.
(b)Calculate the industry output.
(c)Solve for the Cournot and Stackelberg equilibrium outputs, and compare to the Bertrand equilibrium.

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