Firm 1 and 2 produce differentiated products if firm 1 sets, Econometrics

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Firm 1 and 2 produce differentiated products if firm 1 sets

Firm 1 and 2 produce differentiated products. If firm 1 sets price at p1 and firm 2 sets its price at p2, then firm 1 sells Q1(p1,p2) units of output and firm 2 sells Q2(p1,p2) units, where
Q1(p1,p2) = 6 - 2p1 + p2
Q2(p1,p2) = 6 + p1 - 2p2

Firms 1 and 2 have no cost of production. The above description is completely known to both players

a. Find the best response function for each firm.

b. Find the Bertrand equilibrium.

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Econometrics: Firm 1 and 2 produce differentiated products if firm 1 sets

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Request for Solution File

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Econometrics: Firm 1 and 2 produce differentiated products if firm 1 sets

Reference No:- TGS0571725

Have a Question? (oR Write a Review)

Recent Questions Asked Econometrics

Q : We electrolyze a solution containing m2o73- for 4330 hr

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Request for Solution File

Ask an Expert for Answer!!

Econometrics: Firm 1 and 2 produce differentiated products if firm 1 sets

Reference No:- TGS0571725

Recent Questions Asked Econometrics

Q : We electrolyze a solution containing m2o73- for 4330 hr

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