What are the firms best response function, Microeconomics

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What are the firms best response function

Consider the market Where there is product differentiation with two firms. The firms are choosing prices p1and p2 and have demands given by

q1 = 40 - 0.5p1 + p2, q2 = 60 - 2p2 + p1.

Assuming zero marginal and Zero fixed costs, what are the firms' best response function, that is best price of firm1 given price of firm2, and best price of firm2 given price of firm1.

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Microeconomics: What are the firms best response function

Reference No:- TGS059488

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Recent Questions Asked Microeconomics

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: What are the firms best response function

Reference No:- TGS059488

Recent Questions Asked Microeconomics

Q : What will be the effect on total stockholders equity

Q : Are recessions a necessary fact of macroeconomic life

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Q : What is the total cost to baylor for lawrence''s services

Q : What are the firms best response function

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