Qconsider the following market for a single good x with two

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Reference no: EM13352823

Q. Consider ?the ?following ?market ?for ?a ?single ?good ?X ?with? two? firms ?that compete ?via? price? (Bertrand).?You? are ?given ?that ?P?=?30-3Q.

a) ?Suppose ?initially ?that ?both ?firms ?have ?unlimited? capacities ?and? marginal? cost? of? 3.?What ?is? the? resulting? equilibrium? price? and ?total?quantity? in? the ?market? ??Prove ?your? answer.

b) ?Now? suppose? that? the ?first ?firm? has? a ?capacity ?of ?2 ?and? the? second? firm? has ?a ?capacity ?of ?4.? What? is? the? resulting ?equilibrium ?price?and? quantity? for? each? firm ?and? for ?the? market? as ?a? whole??Prove ?your ?result.

Reference no: EM13352823

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