Suppose That Grinch and Grubb Go into the Wine Business

question 27

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 = $300 - .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 $45 and Grubb has marginal costs of $30.How much is Grinch's output in equilibrium?

• A)400
• B)800
• C)200
• D)600
• E)1,200

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