In bertrand competition firms decide independently what, Chemical Engineering

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In bertrand competition firms decide independently what

In Bertrand competition firms decide independently what prices to set to maximizetheir individual profits. Suppose that there are two firms in a market sellingthe same product. Let D(p) = 9 - p be the market demand and let c1 = 1 andc2 = 7 be firm 1 and firm 2's constant marginal costs. Does Bertrand equilibriumexist? If your answer is yes, find a Bertrand equilibrium price. If your answer isno, explain why not.

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