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WebGraphing.com Forum » List all forums » Forum: Algebra, Pre-Algebra, and Basic Math Homework Help » Thread: help me in my economics problem... |
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fivers99
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" I cannot derive the equation to solve the values of q and p...please help me. "  Assume that there are two firms in the petroleum industry, which form a rationalized cartel to maximize joint profits. Under the rationalization cartel solution, each firm sells its own output at the jointly determined price. Market demand: P = 300 – 0.04 (q1 + q2) Total Cost1: 60, 000 + 40q1 + 0.04q1^2 Total Cost2: 50, 000 + 20q2 + 0.02q2^2 (a) Solve for the profit maximizing values of q1 and q2 (b) Determine the equilibrium price and profit of each firm (c) Graphically show the equilibrium price and quantity of two firms under a rationalized cartel "Thanks" |
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