Suppose That the Duopolists Carl and Simon Face a Demand

question 4

Multiple Choice

Suppose that the duopolists Carl and Simon face a demand function for pumpkins of Q = 8,400 - 800P, where Q is the total number of pumpkins that reach the market and P is the price of pumpkins.Suppose further that each farmer has a constant marginal cost of $.50 for each pumpkin produced.If Carl believes that Simon is going to produce Q_s pumpkins this year, then the reaction function tells us how many pumpkins Carl should produce in order to maximize his profits.Carl's reaction function is R_C (Q_s) =

• A)2,000 - Q_s/2.
• B)8,400 - 800Q_s.
• C)8,400 - 1,600Q_s.
• D)4,000 - Q_s/2.
• E)6,000 - Q_s.

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Definitions:

United States

A country in North America, consisting of 50 states, characterized by its significant global economic, political, and cultural influence.

Japan

An island country located in East Asia, known for its rich culture, technological advancements, and as being a major economic power with one of the world's largest economies.

Opportunity Cost

The price paid for not selecting the immediate next favorable choice during decision-making.

Cellular Telephones

Portable devices that use wireless communication to make and receive phone calls as well as access other services like texting and internet browsing.