02 May Question: Consider two firms facing the demand curve P= 90 – 5Q1, w
Combined, the firms wil produce units of output, of which Firm I wil produce units and Fr 2 will produceunits.(Enter a numeric response using a real number rounded to two decimal places) What is each firm’s equilbrium output and profit if they behave noncooperatively? Use the Cournot model If the firms compete, then Firm 1 will produce units of output and Fim 2 will produceunits of output Draw the firms’ reaction curves and show the equilibrium. To do this, draw Firm 1’s reaction curve (RC1) and Firm 2’s reaction curve (RC2) in the figure to the right using the line drawing tool. Attach the appropriate labels. Then, indicate the Cournot Equilibrium (Equilibrium) using the point drawing tool. Attach the provided label. If you are not prompted for a label, then you have used the wrong drawing tool. How much should Firm 1 be willing to pay to purchase Firm 2 if collusion is illegal but a takeover is not? Firm 1 would be willing to pay Sto purchase Firm 2 (so that Firm 2 does not to produce) 234 5 78 10 11 12 13 14 15 16 17 18 Firm 2’s output
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