There Are Two Major Producers of Corncob Pipes in the World

question 17

Multiple Choice

There are two major producers of corncob pipes in the world, both located in Herman, Missouri.Suppose that the inverse demand function for corncob pipes is described by p = 160 - 3q, where q is total industry output, and marginal costs are zero.What is the Cournot reaction function of firm 1 to the output, q₂, of firm 2?

• A)160 - 3q²₂
• B)160 - 3q₂
• C)26.67 - .5q₂
• D)53.33 - 3q₂
• E)163 - 6q₂

---

Definitions:

Minor Premise

The second proposition in a syllogism, from which along with the major premise the conclusion is derived.

Categorical Syllogism

A logical argument that derives a conclusion from two statements, asserting or denying something about a category.

Mood

In logic, the structure of a categorical syllogism based on the type of categorical propositions it contains (e.g., AAA, EAE).

Figure

A numerical symbol, especially one that represents a statistic or part of a calculation.