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An industry consists of two firms with identical costs C(q) = 5q + q2/2. The market demand is Q = 125 - p. Explain your answers and provides examples.

  1. Solve for the collusive output per firm (q*).
  2. Solve for the output if one firm cheats on the collusive agreement optimally (q**).
  3. Solve for the Cournot output per firm (q***).
  4. Set up the normal form representation problem of this game where each firm could make three choices, q*, q**, q***. You will need to calculate profits under the nine possible outcomes.
  5. Find the unique Nash Equilibrium.
  6. What is the equilibrium price, quantity per firm, and profit per firm, if instead we use the Stackelberg Leader Model where firm one is the leader?

Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M91812293
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