Suppose That Two Airlines Are Cournot Duopolists Serving the Peoria-Dubuque

question 9

Multiple Choice

Suppose that two airlines are Cournot duopolists serving the Peoria-Dubuque route, and the demand curve for tickets per day is Q = 220 - 2p (so p = 110 - Q/2) .Total costs of running a flight on this route are 1,400 + 20q, where q is the number of passengers on the flight.Each flight has a capacity of 80 passengers.In Cournot equilibrium, each duopolist will run one flight per day and will make a daily profit of

• A)$400.
• B)$800.
• C)$220.
• D)$700.
• E)$3,000.

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Definitions:

Elastic Supply

A situation where the quantity supplied of a good or service changes significantly when its price changes.

Normal Good

A good that has a positive income elasticity, so that as consumer income rises, demand for the good rises, too.

Market Supply

The total quantity of a good or service that sellers are willing and able to sell at a given price over a specific period.

Elasticity

Elasticity refers to the measure of how much the quantity demanded or supplied of a good changes in response to a change in price.