Suppose that identical duopoly firms have constant marginal costs of $10 per unit. Firm 1 faces a demand function of where q₁ is Firm 1's output, p₁ is Firm 1's price, and p2 is Firm 2's price. Similarly, the demand Firm 2 faces is 92=16 Solve for the Bertrand equilibrium. In equilibrium, P₁ equals S At these prices. 9₁ equals and P2 equals S and 92 equals 01 =180 - 20, + 182. (Enter numeric responses using integers.) =160-2p₂+1p1-

Suppose that identical duopoly firms have constant marginal costs of $10 per unit. Firm 1 faces a demand function of where q₁ is Firm 1's output, p₁ is Firm 1's price, and p2 is Firm 2's price. Similarly, the demand Firm 2 faces is 92=16 Solve for the Bertrand equilibrium. In equilibrium, P₁ equals S At these prices. 9₁ equals and P2 equals S and 92 equals 01 =180 - 20, + 182. (Enter numeric responses using integers.) =160-2p₂+1p1-

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose that identical duopoly firms have constant marginal costs of $10 per unit. Firm 1 faces a demand function of
where q₁ is Firm 1's output, p₁ is Firm 1's price, and p2 is Firm 2's price. Similarly, the demand Firm 2 faces is
92=16
Solve for the Bertrand equilibrium.
In equilibrium, P₁ equals S
At these prices. 9₁ equals
and P2 equals S
and 92 equals
41 =180 – 20, + 102,
(Enter numeric responses using integers.)
=160-2p₂+1P1-

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