(Solution Library) The can industry is composed of two firms. Suppose that the demand curve for cans is P = 100 - Q where p is the price (in cents) of a can and
Question: The can industry is composed of two firms. Suppose that the demand curve for cans is
P = 100 – Q
where p is the price (in cents) of a can and Q is the quantity demanded (in millions per month) of cans. Suppose that the total cost function of each firm is
TC = 2 + 15q
where TC is total cost (in tens of thousands of dollars) per month and q is the quantity produced (in millions per month by the firm.
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What is the output if the firms set price equal to marginal cost?
- What is the price charged to the market if the firms collude and act like a monopoly?
Deliverable: Word Document 
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