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Homework: Assignment 2 w19 Score: 0 of 11 pts Instructor-created question Save 5 of 7 (5 complete) HW Score: 20.69%, 6 of 29 pts Question Help Consider two firms facing the demand curve 17 where Q Q, +Q2. The firms cost functions are C1 (01 10+15Q1 12 and (2) 15+3002 Suppose that both firms have entered the industry. What is the joint profit-maximizing level of output? How much will each firm produce? Combined, the firms will produce units of output, of which Firm 1 will produceunits and Firm 2 will produceunits. (Enter a numeric response using a real number rounded to two decimal places.) 4 5 6 7 8 910 11 12 1314 15 16 17 18 Firm 2s output What is each firms equilibrium output and profit if they behave noncooperatively? Use the Cournot model Click the graph, choose a tool in the palette and follow the instructions to create your graphInstructor-created question Question Help noncooperatively? Use the Cournot model 17 If the firms compete, then Firm 1 will produce units of output and Firm 2 will produce units of output. 14 Draw the firms reaction curves and show the equilibrium To do this, draw Firm 1s reaction curve (RC1) and Firm 2s reaction curve (RC2) in the figure to the right using the line drawing tool Attach the appropriate labels Then, indicate the Cournot Equilibrium (Equilibrium) using the point drawing tool. Attach the provided label If you are not prompted for a label, then you have used the wrong 12 drawing tool How much should Firm 1 be willing to pay to purchase Firm 2 if collusion is illegal but a takeover is not? 0 1 2 3 45 67 8 9 10 11 12 13 14 15 16 17 18 Firm 2s output Firm 1 would be willing to pay $to purchase Firm 2 (so that Firm 2 does not to produce)

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