Two Firms Compete In A Homogeneous Product Market Where The Inverse Demand Funct

PQ

b. Determine the current profits of the two firms.

Instruction:

Firm 1’s profits: $   million

Firm 2’s profits: $   million

c. What would each firm’s current profits be if Firm 1 reduced its price to $10 while Firm 2 continued to charge $15?

Instruction:

Firm 1’s profits: $   million

Firm 2’s profits: $   million

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