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Determine the equilibrium market price

Discussion:

Consider a Bertrand oligopoly consisting of four firms that produce an identical product at a marginal cost of $260. The inverse market demand for this product is P = 500 -3Q.

a. Determine the equilibrium level of output in the market:

b. Determine the equilibrium market price:

c. Determine the profits of each firm:

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Microeconomics: Determine the equilibrium market price

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Microeconomics: Determine the equilibrium market price

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