Refer to the following in

Refer to the following in

Refer to the following information.Q=q1+q2P=120-3QMarginal Cost=12NO FIXED COSTSMRa=120-6q1-3q2MRb=120-3q1-6q2Output: q1 & q2 = 12Market Price = 48Answer the following.Suppose that Firm a chooses its output first. Firm b observes this choice and then Firm b chooses its output. If a firms total revenue is given be aq-bq^2 where q is the firm’s quantity of output, then its Marginal Revenue = a-2bqA. How mcuh output will each firm produce in Stackelberg equilibrium?B. What will be the market price of the good?C. What is the deadweight loss that results from this duopoly?D. How much profit does each firm make?

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