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Find the reaction function

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Reference no: EM131735896

Consider a market with demand P(Q) = 108-2Q in which two rms compete. Firm 1 faces TC1(Q) = 48Q and rm 2 faces TC2(Q) = 36Q.

(a) Find the reaction function for rm 1.

(b) Find the reaction function for rm 2.

(c) Find the Cournot equilibrium (Q1;Q2; P).

(d) Determine prots for each rm and consumer surplus.

Reference no: EM131735896

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