Two identical firms compete in competition cournot, Business Economics

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Two identical firms compete in competition cournot

Two identical firms compete in competition (Cournot competition) in the same market where the inverse demand is P(Q) = 100 − Q. The constant marginal cost of both firms is 10.

(a) Find the best response function for each firm. (b) What is the Cournot (simultaneous) equilibrium? (c) What is the Stackelberg (sequential) equilibrium if firm 1 chooses quantity first?

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Business Economics: Two identical firms compete in competition cournot

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Business Economics: Two identical firms compete in competition cournot

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