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Consider a Cournot market with two firms that have TC(Q) =5Q. Demand is given by P=...

Consider a Cournot market with two firms that have TC(Q) =5Q. Demand is given by P= 200−2(Q1+Q2).

A) Find firm 1’s profit as a function of Q1 and Q2

B) Find the equilibrium price, quantity sold by each firm, and profit for each firm.

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