economics 315 hw

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Consider a Bertrand oligopoly consisting of four firms that produce an identical product at a marginal cost of $180. The inverse market demand for this product is P = 400 -4Q.

a. Determine the equilibrium level of output in the market.




b. Determine the equilibrium market price.

$[removed]


c. Determine the profits of each firm.

$[removed]

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