not use ai please don't Exercise 2: Cournot OligopolyThe inverse market demand iswhere Qielli=0if Q≥ 220P(Q)=220 Q if Q< 2201. Suppose there are two identical firms with cost functions ci(qi)10q; for i = {1,2}. Find the payofffunctions and best responses for both firms. Identify all Nash equilibria of this game. Compute themarket price and the firms' profits in equilibrium.2. Suppose firm 1's cost function is still c₁(91)the cost function=10q1. Firm 2 has an avoidable fixed cost, resulting in0if q2 = 0C2(92)10q23,600 if q2 > 0.Find the payoff functions and best responses for both firms. Identify all Nash equilibria of this game.3. Suppose there are nЄ IN, n > 2 identical firms with cost functions ci (qi) = 10q; for i = {1, 2,..., n}.Find the payoff functions and best responses for all firms. Identify all Nash equilibria of this game.Compute the market price and the firms' profits (as functions of n) in equilibrium. Discuss how themarket price and profits react to an increase in the number of firms n. What happens in the limit asn goes to infinity?

(b) Best Response Functions:To find the best response for each firm, take the derivative of the…

Answered: Exercise 2: Cournot Oligopoly The…

Introductory Circuit Analysis (13th Edition)

13th Edition

ISBN:9780133923605

Author:Robert L. Boylestad

Publisher:Robert L. Boylestad

Chapter1: Introduction

Section: Chapter Questions

Problem 1P: Visit your local library (at school or home) and describe the extent to which it provides literature...

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