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Two identical firms compete as a Cournot duopoly. The inverse market demand they face is P = 123 - 3Q. The total cost function for each firm is TC(Q) = 3Q. The price charged in this market will be

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okpalawalter8

The price changed in this market will be mathematically given as

P=93

What is the price change in this market?

P = 123 - 3Q

Generally, the equation for the statement is  mathematically given as

P = 123 - 3Q

Therefore

[tex]\frac{d \pi}{ d \Q1}[/tex]=123-6Q1-30Q2-3=0

Where

Q1=120-3Q2/6

Hence

Q1=120-3(120-3Q1/6)/6

Q1=13.333

In conclusion,

P = 123 - 3(2*13.333)

P=93

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