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Two firms share a market with demand curve Q=120-0.5P. Each has cost function C(q)=1000+q2. Suppose that each firm maximizes its profit taking the other firm's production choice as given.
Standard Deviation
A measure of the amount of variation or dispersion in a set of values, indicating how much the values differ from the mean of the data set.
Random Variable
A variable that can take numerical outcomes as its values, which are derived from random events.
Brake To A Stop
The action or process of slowing down or stopping a moving vehicle by applying its brakes.
Normally Distributed
A type of continuous probability distribution for a real-valued random variable with a bell-shaped curve symmetric about its mean.
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