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Consider a market with just one firm. The demand in the market is p = 18 – Q and the firm has a ...

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Consider a market with just one firm. The demand in the market is p = 18 – Q and the firm has a ...

Consider a market with just one firm. The demand in the market is p = 18 – Q and the firm has a linear cost function C(Q) = 2Q.
a. How much output will this firm produce. What will be the profit and consumers surplus?
b. Suppose a second firm with the same cost function enters the market and the two firms compete in a Cournot style (simultaneous output choice). What will be the equilibrium price and quantity in the market? What is the total market profit and CS?

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Microeconomics: Theory and Applications with Calculus

Edition: 4^th

Author: Perloff

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The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.

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