Now suppose the firms still produce identical products, but…

Now suppose the firms still produce identical products, but now have individual total cost functions given by: where is the amount of 24-packs produced by Amheuser-Busch and is the number of 24-packs produced by Miller, all denoted in thousands. Find the reaction function of each firm when Amheuser-Busch and Miller simultaneously compete on quantity. It is not necessary to solve the model, and it is recommended that you not round your solution at any time.

If the companies both have a marginal cost of $7, how much o…

If the companies both have a marginal cost of $7, how much output does each firm produce when they compete on price? Denote as the amount of 24-packs produced by Amheuser-Busch and as the number of 24-packs produced by Miller, all denoted in thousands. If necessary, round to two places after the decimal.

Use the prompt below to answer questions #24-27. Suppose two…

Use the prompt below to answer questions #24-27. Suppose two companies, Amheuser-Busch and Miller, are duopolists competing in the market for 24-packs of domestic beer. Assume their products are identical, and thus the duopolists face the same market demand function: