If the Inverse Demand for Bean Sprouts Were Given by P(Y)=

question 13

Multiple Choice

If the inverse demand for bean sprouts were given by P(Y) = 430 - 2Y and the total cost of producing Y units for any firm were TC(Y) = 10Y and if the industry consisted of two Cournot duopolists, then in equilibrium each firm's production would be

• A)52.50 units.
• B)70 units.
• C)105 units.
• D)35 units.
• E)53.75 units.

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Definitions:

Litres

A unit of volume equivalent to 1000 cubic centimeters or 1 cubic decimeter, used in the metric system to measure liquids and gases.

Frozen Orange Juice

A form of orange juice that has been frozen to preserve it for longer periods, often sold as concentrate.

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Set of Equations

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