Compare output levels-profits in settings by cournot

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Reference no: EM133412213

Assignment:

Managerial Economics. This question is about oligopoly.

Two firms compete in a market to sell a homogeneous product with inverse demand function P = 600 - 3Q. Each firm produces at a constant marginal cost of $300 and has no fixed costs. Use this information to compare the output levels and profits in settings characterized by Cournot, Stackelberg, Bertrand, and collusive behavior. The professor is also asking for optimal price for each (Cournot, Stackelberg, Bertrand, and collusive behavior). The question is similar to this one, but the additional task of optimal price. Show all calculations to derive answers and provide narrative if necessary. Please also so the first step of finding the reaction functions for firm 1 and firm 2.

Reference no: EM133412213

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