Bertrand model assume there is a duopoly with the, Ask an Expert

Economics

Bertrand Model

Assume there is a duopoly with the following demand equations
Q1=30-P1+P2 and Q2=30-P2+P1. Marginal cost are given as MC1=6, MC2=0.
Calculate the Bertrand solution. What are the reaction curves?
What is price, quantity and revenue for each firm.

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Microeconomics, Economics

Category:- Microeconomics
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