Suppose firm 1 and firm 2 each produce the same product and, Business Economics

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Suppose firm 1 and firm 2 each produce the same product and

Suppose firm 1 and firm 2 each produce the same product, and face a market demand curve by Q=5000-200P. Firm 1 and 2 have the same unit cost of production c=10.

(a) Write down each firm’s derived demand functions, profit functions and best response functions. What is the Bertrand-Nash equilibrium outcome?

(b) What are the profits of each firm?

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Business Economics: Suppose firm 1 and firm 2 each produce the same product and

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Business Economics: Suppose firm 1 and firm 2 each produce the same product and

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