Dopoly quantity-setting firms face the market demand p , Business Economics

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Dopoly quantity-setting firms face the market demand p

Duopoly quantity-setting firms face the market demand p = 150 − q1 − q2.

Each firm has a marginal cost of $60 per unit. What is the Nash- Cournot equilibrium? Hint: the profit functions of each firm are

π1(q1,q2) = (150 − q1 − q2)q1 − 60q1

π2(q1,q2) = (150 − q1 − q2)q2 − 60q2.

Please explain all steps.

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