Question
Suppose that the (inverse) market demand for good A is
given by P = 400 - 2Q Where Q is total industry output. There are two firms that produce A. Each firm has a constant marginal cost of production equal to Rs.40 and they are competing in quantities. That is, they each choose production levels simultaneously. Calculate profit maximising total quantitySolution
 Equating both BR functions, q2 = 90 – 0.5 (90 - 0.5 q2) q2 = 90 – 45 + 0.25 q2 0.75 q2 = 45 q2 = 60 Also, q1 = 90 – 0.5 (60) = 90 – 30 = 60 Q = q1 + q2 = 120
Match the following:Â
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