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Q. There are two identical firms in an industry. Each firm uses a Cournot strategy to maximize profits. If the best response function of firm one is:q1(q2) = 300 - q2/2Find the equilibrium level of production for both Firm 1 and Firm 2
1. There are two identical firms in a market with demand Q(p) = 10 -2p, and cost functionc(q) = 2q for both firms. If Firm 1 believes that Firm 2 will sell q2 =2. By using a Cournot model, calculate the profit maximizing level of production for Firm 1, price, profits for each firm, and consumer surplus
2. Consider an economy with market demand Q(p)=20-2p. There are two identical firms in this economy with constant marginal costs equal to 1 and no fixed costs. Assume that firms set prices and follow a Bertrand model to do so.
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