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Cournot Model in a Duopoly Market
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[QUOTE="samchan5167, post: 6073719, member: 652448"] [h2]Homework Statement [/h2] Two retailers compete on price in a market. Firm 1’s demand depends on both its own price and firm 2’s price as follows: q1 = b – p1 + ap2. Similarly, firm 2’s demand depends on its own price and firm 1’s price: q2 = b – p2 + ap1. Their marginal costs of producing one unit of product are both c. a. Find the expression of firm 1’s equilibrium price (as a function of a, b and c). b. Find the expression of firm 1’s equilibrium profit (as a function of a, b and c). [h2]Homework Equations[/h2][h2]The Attempt at a Solution[/h2] I can't seem to figure this out as normally the price function would be given... [/QUOTE]
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Cournot Model in a Duopoly Market
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