Expert Answer :Suppose that the market demand curve for scooter

Solved by a verified expert :Consider a problem from the last quiz. Suppose that the market demand curve for scooters is given by P = 30 – Q, where P is the price and Q is total industry output. Suppose that the industry has five firms. Each firm has a constant marginal cost of $6 per scooter. What is the reaction function for firm i?Consider a problem from the last quiz. Suppose that the market demand curve for scooters is given by P = 30 – Q, where P is the price and Q is total industry output. Suppose that the industry has five firms. Each firm has a constant marginal cost of $6 per scooter. In the symmetric Cournot-Nash equilibrium, each firm’s production is ____________ scooters.Consider a problem from the last quiz. Suppose that the market demand curve for scooters is given by P = 30 – Q, where P is the price and Q is total industry output. Suppose that the industry has five firms. Each firm has a constant marginal cost of $6 per scooter. Suppose that all five firms want to maximize their total profit. Then, their TOTAL production is _______________ scooters.An industry has two firms. The price of the industry output is given by P = 80 – Q, where Q=Q1+Q2 is the total output of the two firms. Firm 1’s cost function is 10Q1 . Firm 2’s cost function is 0. In the Cournot-Nash equilibrium, firm 1’s production is______________ units.An industry has two firms. The price of the industry output is given by P = 80 – Q, where Q=Q1+Q2 is the total output of the two firms. Firm 1’s cost function is 10Q1. Firm 2’s cost function is 0. In the Cournot-Nash equilibrium, firm 2’s production is_______________ units.An industry has two firms. The price of the industry output is given by P = 80 – Q, where Q=Q1+Q2 is the total output of the two firms. Firm 1’s cost function is 10Q1. Firm 2’s cost function is 0. Then, there TOTAL production is_______________ units.An industry has two firms – a Stackelberg leader and a follower. The price of the industry output is given byP = 80 – Q, where Q is the total output of the two firms. The leader has a marginal cost of $10. The follower has a marginal cost of $0. How much should the leader produce in order to maximize its profits?An industry has two firms – a Stackelberg leader and a follower. The price of the industry output is given byP = 80 – Q, where Q is the total output of the two firms. The leader has a marginal cost of $10. The follower has a marginal cost of $0. How much will the follower produce?