What is the quantity that Firm 1 produces? Round your answer to 2 decimal points.

Economics:
10th Edition
ISBN:9781285859460
Author:BOYES, William
Publisher:BOYES, William
Chapter25: Monopoly
Section: Chapter Questions
Problem 9E
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Suppose there are in total 3 firms in the market. Firm 1 decides its output first, then Firm 2 and Firm 3 decide their outputs simultaneously. The inverse demand function is p = 20-3q, where q = q1+q2+q3, and each firm's cost function is ci(qi) = 5qi2. What is the quantity that Firm 1 produces? Round your answer to 2 decimal points.

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