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There are only two firms producing a particular product. The demand for the product is given by the relation P=24-Q where P denotes the price (in dollars per unit) and Q denotes the total quantity sold by the two firms. The firms both have constant marginal cost. It cost firm 1, $8 for each unit it produces and firm 2, $4 for each unit it produces. Neither firm has any fixed cost. i. Obtain reaction functions for each firm in Cournot game. ii. Draw reaction functions graph for both firms with
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