Can you explain how to get the following answers Suppose that identical duopoly firms have constant marginal costs of $16 per unit. Firm 1 faces a demand function of9, = 160 - 2p, + 1p2,where q, is Firm 1's output, p, is Firm 1's price, and p, is Firm 2's price. Similarly, the demand Firm 2 faces is92 = 160 – 2p2 + 1p;.Solve for the Bertrand equilibrium.In equilibrium, p, equals $ 64.00 and p, equals $ 64.00'. (Enter numeric responses using integers.)At these prices, q, equals 96.00 and q, equals 96.00'.The total quantity supplied is 192.00Help me solve thisEtext pagesGet more help -25MacBook Air8088DIIF3F4F5F6F7FBF1@#3243478.WY< CO

Marginal Cost = 16 Demand function for firm 1 : q1 = 160 - 2q1 + p2 Demand function for firm 2 : q2…

Suppose that identical duopoly firms have constant marginal costs of $16 per unit. Firm 1 faces a demand function of 9, = 160 - 2p, + 1P2. where q, is Firm 1's output, p, is Firm 1's price, and p, is Firm 2's price. Similarly, the demand Firm 2 faces is 92 = 160 - 2p2 + 1P1- Solve for the Bertrand equilibrium. In equilibrium, p, equals $ 64.00 and p, equals $ 64.00. (Enter numeric responses using integers.) At these prices, q, equals 96.00 and q, equals 96.00'. The total quantity supplied is 192.00.

Suppose that identical duopoly firms have constant marginal costs of $16 per unit. Firm 1 faces a demand function of 9, = 160 - 2p, + 1P2. where q, is Firm 1's output, p, is Firm 1's price, and p, is Firm 2's price. Similarly, the demand Firm 2 faces is 92 = 160 - 2p2 + 1P1- Solve for the Bertrand equilibrium. In equilibrium, p, equals $ 64.00 and p, equals $ 64.00. (Enter numeric responses using integers.) At these prices, q, equals 96.00 and q, equals 96.00'. The total quantity supplied is 192.00.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter15: Imperfect Competition

Section: Chapter Questions

Problem 15.4P

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