The inverse demand function for the market is p 120

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The inverse demand function for the market is p 120 - 2q

The inverse demand function for the market is P = 120 - 2Q. There are two firms: A and B. The cost for firm A are C(qA) = 18qA, and the costs for firm B are C(qB) = 18qB. Assume that both firms choose quantities simultaneously.

(a) What is each firm's strategic variable and what is firm A's profit maximization problem as a function of each firm's strategic variable?

(b) What is each firm's best response function?

(d) What is the market equilibrium price at the Nash equilibrium?

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Business Economics: The inverse demand function for the market is p 120 - 2q

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Business Economics: The inverse demand function for the market is p 120 - 2q

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