Dear CedWriter, please provide me with a two page essay regarding the Bertrand and the Cournot models of oligopoly. The precise question to be redacted is below.This short Essay shouldn't take more than one or one and a half hours to be written. The thing is, I need it ASAP within the next two and a half hours. I really hope you are available and able to help me with this question. Please let me know. Best.
Question:
Compare the Bertrand and Cournot models of oligopoly in terms of the (i) assumptions of each model, (ii) the circumstances under which each model should be used for economic analysis, and (iii) the output and profit of firms in the industry. State the critics of the Bertrand model in particular.