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Stackelberg with more than 2 firms: Suppose there are N firms in a homogeneous good market which set their output sequentially (firm i in position i). Suppose that firms have identical constant marginal cost of production c. The industry faces an inverse demand P(q) = a - q where q = ∑N i=1 qi is aggregate demand. Suppose a > c.
a. What is the output level of firm i in the subgame perfect equilibrium?
b. What is the aggregate output for N firms?
c. Describe the equilibrium outcome when the number of firms increses without bounds (N → ∞).
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In this section you should present the empirical evidence and with the help of some microeconomic tools, you should explain rationally what happens in reality
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