QUESTION ONE Consider two firms facing the demand curve P = 50-5Q where Q = 9₁ +9₂- The firms' cost functions are C₁ (9₁) =20 + 10q, and C₂ (9₂) =20 + 109₂ (i) (a) (ii) Suppose the two firms behave as Cournot oligopolists, determine the equilibrium quantities, price and profit for each firm. Suppose firm 1 sets its output first and then firm 2; determine the equilibrium quantity, price and profit for each firm. (iii) Suppose the two firms realize that they could do a lot better colluding. If the two collude, what will be the equilibrium output, price and profit for each firm?:

QUESTION ONE Consider two firms facing the demand curve P = 50-5Q where Q = 9₁ +9₂- The firms' cost functions are C₁ (9₁) =20 + 10q, and C₂ (9₂) =20 + 109₂ (i) (a) (ii) Suppose the two firms behave as Cournot oligopolists, determine the equilibrium quantities, price and profit for each firm. Suppose firm 1 sets its output first and then firm 2; determine the equilibrium quantity, price and profit for each firm. (iii) Suppose the two firms realize that they could do a lot better colluding. If the two collude, what will be the equilibrium output, price and profit for each firm?:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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