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In: Economics

2) Consider the oligopolistic market for robotic lawnmowers. The cost function of all firms is given...

2) Consider the oligopolistic market for robotic lawnmowers.

  • The cost function of all firms is given by Ci = 180Qi
  • Demand for robotic lawnmowers is given by QD = 24,000 – 80P
  1. Find the optimal production for one firm, the total quantity, and the price as functions of the number of firms n
  2. Suppose n = 4. Find numeric values for the variables in 2)a)

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