Suppose That Grinch and Grubb Go into the Wine Business

question 15

Multiple Choice

suppose that Grinch and Grubb go into the wine business in a small country where wine is difficult to grow.The demand for wine is given by p = $360 - .2Q, where p is the price and Q is the total quantity sold.The industry consists of just the two Cournot duopolists, Grinch and Grubb.Imports are prohibited.Grinch has constant marginal costs of $75 and Grubb has marginal costs of $15.How much Grinch's output in equilibrium?

• A)562.50
• B)187.50
• C)750
• D)375
• E)1,125

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Definitions:

Natality

The birth rate, or the number of births within a population over a certain period of time, often expressed per 1000 individuals.

Population Crash

A sudden, sharp decrease in the size of a population due to environmental factors.

Carrying Capacity

The maximum population size of a biological species that an environment can sustain indefinitely, given the food, habitat, water, and other necessities available.

Environmental Resistance

A set of factors in an ecosystem that limits the growth of a population.