Final answer:
Without additional specific data or the market demand function, it is not possible to precisely calculate firm 2's market share in Cournot competition. Typically, the Cournot model is used with known equilibrium outputs and demand functions to determine each firm's share.
Step-by-step explanation:
The question pertains to two firms that are in Cournot competition in the Everlasting Gobstopper industry with known price elasticity of demand and constant marginal costs for each firm. To calculate firm 2's market share in equilibrium, we would typically utilize the Cournot model equations which take into account the marginal costs of each firm, the market demand, and the elasticity of demand. However, the question does not provide enough specific information or data (such as total market size or equilibrium quantities produced by each firm) to directly calculate firm 2's market share.
Normally, in a Cournot duopoly, each firm decides how much to produce based on the production of the other firm with the assumption that the other firm’s output is fixed. The interaction of the two firms’ outputs determines the market price. The equilibrium reached is one where each firm’s output is the best response to the other’s output, and neither firm has the incentive to change its output decision given the output of the other.
Without additional information, we can only provide a general method of approach: using the inverse market demand function to find the equilibrium quantities produced by each firm and thus their market shares. The formula for the inverse market demand in a Cournot competition is P(Q) = a - bQ, where P is the price, Q is the total quantity produced by both firms, and a and b are market-specific constants. Once the equilibrium quantities produced by each firm are determined, we would divide firm 2's quantity by the total quantity to calculate firm 2’s market share.