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3. Coumot Competibion (26 points) Consider a Cournot model. The market demand is p-130-q-q Firm ls marginal cost is 10, and
T. (5 points) Find the equilibrium market price and each firms equilibrium profit. D. (5 points) Find the consumer surplus a
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Answer #1

Soluben market damand function Is A)The P 130-a,-02 The prspt Lunchion tor eath fum lostunchion tor tum pav ctala (130-01,-9WNash equilib ILM S oo taned at dhe indessection best gesponso Lunction the 120-42 120-4 2 (2) (1) n Subs ti tute 120- 0/2 120Consumey Surp lu he duerence be tuaon t actual maximum ling ness to pay and the euce paid dumes a/uantity 1TI IS quen bythe a

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