Market Demand Is Given by P = 15 - Q

question 34

Multiple Choice

Market demand is given by P = 15 - Q. There are two firms, each with TC = 0.5q_i². If the firms form a cartel the profits for a firm is:

• A)20.5.
• B)24.5.
• C)22.5.
• D)26.5.

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Definitions:

Human Capital

The skills, knowledge, and experiences possessed by an individual that can be used to produce economic value.

Skills

The abilities and expertise that individuals acquire through learning and experience, which enable them to perform tasks effectively.

Abilities

The natural or acquired skills and talents that individuals possess.

Behaviours

The range of actions and mannerisms made by individuals or organisms in conjunction with themselves, others, or the environment.