(Answered) Suppose firm 1 and firm 2 each produce identical proucts

Management Studies

Suppose firm 1 and firm 2 each produce identical proucts and face a market demand ciure described by Q = 5,000 - 200p. Both firms have a unit cost of production c equal to 20. There are no fixed costs.

What is the Bertrand-Nash Equilibrium outcome? What is the price, P^B? What are the equilibrium quantities (q1,q2 & Q_B)? What are the total profits and profit per firm (π1,π2 & ∏)?

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