What is the market price and firms profit, Microeconomics

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What is the market price and firms profit

Suppose that Market demand for golf balls is described by Q= 90-3p, Where Q is measured in kilos of balls. There are two firms that supply the market. Firm 1 can produce a kilo of balls at a constant unit cost of $15 whereas firm 2 has a constant unit cost equal to $10.

a. suppose firms compete in quantities. How much does each firm sell in a Cournot equilibrium? What is the market price and what are firms' profit?

b. suppose firms compete in price. How much does each firm sell in a Bertrand equilibrium. What is market price and what are firms' profits?

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Microeconomics: What is the market price and firms profit

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Microeconomics: What is the market price and firms profit

Reference No:- TGS058314

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