Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 29 Oct 2017 My Price 6.00

single monopolist controls

Suppose a single monopolist controls the market for Coke and Pepsi in worked-out problem 19.2 (page 722). If the monopolist sets the same price for Coke and Pepsi, what price would maximize its profit? How does that price compare to the equilibrium prices in worked-out problem 19.2?

Problem 19.2

Suppose that in the Bertrand ready-mix concrete market described in Section 19.2, Joe’s marginal cost is $35 and Rebecca’s is $40. Their prices must be quoted in pennies. Show that it is a Nash equilibrium for Rebecca to set a price of $40 and Joe to set a price of $39.99. Show that it is also a Nash equilibrium for Rebecca to set a price of $40.01 and Joe to set a price of $40. Finally, show that there is no Nash equilibrium in which sales will occur at a price above $40.01. Notice that Joe’s profit on each unit approximates his cost advantage.

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Maurice Tutor
(5)
Status NEW Posted 29 Oct 2017 08:10 AM My Price 6.00

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