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Demand function for the oligopolists

Problem: An oligopoly exists with two firms, A and B. The demand function for these oligopolists is Q = 1000 - 40P.

1. If firm A's cost function is TC=3000+7Q, what quantity (Qa) will it produce and price (Pa) will it charge to maximize profits?

2. If firm B's cost function is TC=3000+5Q, what is this firm's profit or loss?

3. Which of these oligopolists is the leader in this industry, and why?

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Solution Preview :

Prepared by a verified Expert

Microeconomics: Demand function for the oligopolists

Reference No:- TGS01748771

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Microeconomics: Demand function for the oligopolists

Reference No:- TGS01748771

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