(All Steps) Assume that Smith Inc. and Wang, Inc. compete in an oligopolistic setting. They produce a homogeneous product and face the following industry demand
Question: Assume that Smith Inc. and Wang, Inc. compete in an oligopolistic setting.
They produce a homogeneous product and face the following industry demand curve:
P = 20 - .01Q
Where Q = Q1 + Q2
- (1 Point)) Each firm faces a marginal cost of $10. Find the equilibrium quantity produced by each firm in the Cournot equilibrium. What is the equilibrium price and profits for each firm?
- (1 Point). What are the equilibrium price, combined output, and profits with Bertrand competition?
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