Suppose the market demand function for a product is: P=2000 – 2Q i)If two firms compete in this market with marginal cost MC=600, Find the cournot equilibrium output and profit per firm. ii)Find the m

Suppose the market demand function for a product is: P=2000 – 2Q i)If two firms compete in this market with marginal cost MC=600, Find the cournot equilibrium output and profit per firm. ii)Find the m

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Suppose the market demand function for a product is: P=2000 – 2Q i)If two firms compete in this market with marginal cost MC=600, Find the cournot…

Suppose the market demand function for a product is:

P=2000 – 2Qi)If two firms compete in this market with marginal cost MC=600, Find the cournot equilibrium output and profit per firm.
ii)Find the monopoly output and profit if there is only one firmII)Using the above information from (i) and (ii), construct a payoff matrix where the strategies are to produce cournot equilibrium quantity or half the monopoly quantity and determine Nash equilibrium of the game.

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