Find the equilibrium set of prices in this market

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Reference no: EM131377371

Assume two firms sell differentiated products and face the following demand curves:

q1 = 15 – p1 + 0.5p2

q2 = 15 – p2 + 0.5p1

Derive the best response function for each firm. Find the equilibrium set of prices in this market.

Reference no: EM131377371

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