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Category > Economics Posted 17 May 2017 My Price 6.00

Problem 1: Duopoly Models

Problem 1: Duopoly Models Two firms produce a homogeneous product. Let p denote the product’s price.
The output level of firm 1 is denoted by ql, and the output level of firm 2 by
92. The aggregate industry output is denoted by Q = q1 + qz. The aggregate
industry demand curve for this product is given by p = 200 — 4Q
Assume that the marginal and average cost for each firm is M C = A0 = 20. (a) Solve for the Monopoly / Cartel equilibrium. Find the output level
of each firm assuming they divide the market equally, the market
price, and profit per firm. (b) Solve for the Cournot (Nash) equilibrium. Find the output level of
each firm, the market price, and profit per firm. (c) Solve for the Bertrand (Nash) equilibrium. Find the output level of
each firm, the market price, and profit per firm. (d) Solve for the Stackelberg (sequential—moves) equilibrium where firm
one chooses quantity in the first stage and firm 2 chooses quantity
in the second stage. Find the output of each firm, the market price,
and profit per firm.

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SuperTutor
(15)
Status NEW Posted 17 May 2017 04:05 AM My Price 6.00

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