Need help for homework, pls select correct option and explain it. Choose all the correct statements.Select one or more:O a. In Hotelling's location model, lower value of parameter for transportation cost means higher substitutability ofproducts.O b. The larger the cross-price elasticity of products is, the more differentiated these products are.O c. In differentiated products Bertrand model, the equilibrium price converges to the marginal cost as thesubstitutability between products is getting larger.O d. In Nash equilibrium of Hotelling's location model in the class, both firms locate in the center of the beach.

Part (d) cannot be answered since we do not know what location model was discussed in class. Please…

Answered: Choose all the correct statements.

Business

Economics

Choose all the correct statements.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Need help for homework, pls select correct option and explain it.

Choose all the correct statements.
Select one or more:
O a. In Hotelling's location model, lower value of parameter for transportation cost means higher substitutability of
products.
O b. The larger the cross-price elasticity of products is, the more differentiated these products are.
O c. In differentiated products Bertrand model, the equilibrium price converges to the marginal cost as the
substitutability between products is getting larger.
O d. In Nash equilibrium of Hotelling's location model in the class, both firms locate in the center of the beach.

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