Solved

There Are Two Major Producers of Corncob Pipes in the World

Question 3

Multiple Choice

There are two major producers of corncob pipes in the world, both located in Herman, Missouri.Suppose that the inverse demand function for corncob pipes is described by p = 160 - 3q, 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?


A) 160 - 3q22
B) 160 - 3q2
C) 26.67 - .5q2
D) 53.33 - 3q2
E) 163 - 6q2

Correct Answer:

verifed

Verified

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents