In a Two Firm Market,let the Marginal Cost of Producing

question 17

Short Answer

In a two firm market,let the marginal cost of producing a product be $20,the market demand be given by the function Q=60-P/2 and the market quantity be equal to Q₁+Q₂.What is the Cournot equilibrium quantity each firm would produce in this market?

---

Definitions:

Benin Ivory

Ivory sculptures and artifacts from the Kingdom of Benin (modern-day Nigeria), reflecting the wealth, craftsmanship, and artistry of the Benin people, especially from the 15th century onwards.

Ife Ruler

Refers to the kings or religious leaders of Ife, an ancient Yoruba city in Nigeria, known for its unique art, particularly lifelike bronze and terracotta sculptures.

Zinc-Brass

An alloy predominantly made of copper and zinc, used in a variety of decorative and practical applications for its resilience and finish.

Terracotta

A type of earthenware, a clay-based unglazed or glazed ceramic, where the fired body is porous, commonly used for sculptures and pottery.