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There are two major producers of Olympic bicycles

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8(b) There are two major producers of Olympic bicycles in the world, both located in New Zealand. Suppose that the inverse demand function for Olympic bicycles is described by p = 160 - 4q, 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?

 

Paper#28014 | Written in 18-Jul-2015

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