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Find the price best-response function for firm i

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Reference no: EM13890066

An industry consists of two firms. The demand function for the product of firm i is qi = 24 - 5 pi + 2 p j . The marginal cost of production for each firm is zero.

(a) Find the price best-response function for firm i.

(b) Assume the firms compete over prices once; find the Nash equilibrium in prices.

(c) Find the collusive prices.

(d) Draw a diagram that illustrates parts (a) through (c).

(e) What are collusive profits? Bertrand profits?

(f) What is the optimal defection from the collusive agreement?

Reference no: EM13890066

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