|Consider a market with two firms producing identical products. The MC of production of Firm A is $12 and that of Firm B is $15. Both firms have fixed costs of $20. The market demand is given by Q = 100 – 2p. If the two firms compete in setting prices (assume prices can be set only in whole number) for their respective but identical products, the Betrand equilibrium price p = $ _____ . With this price set by Firm A, Firm A will produce _____ and Firm B will produce _____ units.|
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