The Demand Function for an Oligopolistic Market Is Given by the Equation,Q

question 23

Essay

The demand function for an oligopolistic market is given by the equation,Q = 180 - 4P,where Q is quantity demanded and P is price.The industry has one dominant firm whose marginal cost function is: MC = 12 + 0.1QD,and many small firms,with a total supply function: QS = 20 + P.
(a)Derive the demand equation for the dominant oligopoly firm.

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Definitions:

Limbic System

A complex system of nerves and networks in the brain, involved with instinct and mood. It controls the basic emotions and drives.

Neural Pathways

Networks of neurons that transmit signals between different parts of the brain and the nervous system.

Frequency Theory

Theory on how the inner ear registers the frequency of sound, stating that the perception of a sound’s frequency depends on how often the auditory nerve fires.

Basilar Membrane

A key structure in the cochlea of the inner ear which plays a critical role in the sense of hearing by vibrating in response to sound.