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An industry consists of two firms. The demand function for the product of firm i is qi ( pi , p j ) = a - bpi + cpj .
The marginal cost of production for each firm is zero.
(a) Find the critical value of the discount factor that supports joint profit maximization with grim punishment strategies. [Hint: Let r = c/b, where 0 r 1.]
(b) How does the critical value of the discount factor depend on the degree of product dif- ferentiation r ? What does r = 1 imply about the relationship between the two goods? r = 0?
These multiple choice problems are belong to Economics. The first problem is about constant cost industries expanding operations and the second problem is about price being greater than average total cost for a firm.
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