Define cournot-stackelberg-bertrand-and collusion models

Reference no: EM13205726

Consider an industry described as a duopoly consisting of two symmetric firms producing homogeneous product. Inverse demand function is P = 1500 -10Q and each firm has a marginal cost of $20 with fixed cost of zero. Compare and contrast the output levels and profits for firm 1 and firm 2 under the Cournot, Stackelberg, Bertrand, and Collusion models.

Reference no: EM13205726

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