Table 17-1
Imagine a small town in which only two residents, Rochelle and Alec, own wells that produce safe drinking water. Each week Rochelle and Alec work together to decide how many gallons of water to pump. They bring the water to town and sell it at whatever price the market will bear. To keep things simple, suppose that Rochelle and Alec can pump as much water as they want without cost so that the marginal cost of water equals zero. The town's weekly demand schedule and total revenue schedule for water is shown in the table below: 
-Refer to Table 17-1. Suppose the town enacts new antitrust laws that prohibit Rochelle and Alec from operating as a monopoly. What will be the price of water once Rochelle and Alec reach a Nash equilibrium?
Definitions:
Weighted-Average Method
An inventory costing method that calculates the cost of goods sold and ending inventory based on the weighted average cost of all materials bought during the period.
Dust Density Sensors
Devices used to detect and measure the amount of dust particles in the air for environmental monitoring or industrial processes.
Equivalent Unit
A measurement used in process costing that converts partially completed units into an equivalent number of fully completed units to accurately measure the output of a production process.
Weighted-Average Method
An inventory costing method that calculates the cost of goods sold and ending inventory based on the average cost of all units available for sale during the period.
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