Writing a teaching note about the simple duopoly/oligopoly competition models with homogeneous goods markets.Explain the following models in detail: (1) Cournot-Nash; (2) Stackelberg; (3) Bertrand competition models. For each model, present the following:a. History and Background: Who are the people that give the name to the models? When/where did they live/work? What is the main publication that they presented their work in?b. Math: Present the math and the solution framework of each model. Show theoptimization outcomes with 2 companies.c. Computer implementation: Implement the solution of each model in Python. Show an example output.d. Discuss 1: What are the main differences across the models? Explain.e. Discuss 2: Are there any circumstances or economic dynamics that you would prefer a Monopoly over a Competitive industry as a policy maker? If yes, why; or if no, why? Present argument(s) and example(s)
Writing a teaching note about the simple duopoly/oligopoly competition models with homogeneous goods markets.
Explain the following models in detail: (1) Cournot-Nash; (2) Stackelberg; (3) Bertrand competition models. For each model, present the following:
a. History and Background: Who are the people that give the name to the models? When/where did they live/work? What is the main publication that they presented their work in?
b. Math: Present the math and the solution framework of each model. Show the
optimization outcomes with 2 companies.
c. Computer implementation: Implement the solution of each model in Python. Show an example output.
d. Discuss 1: What are the main differences across the models? Explain.
e. Discuss 2: Are there any circumstances or economic dynamics that you would prefer a
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