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Stackleberg Model : is another attempt at understanding the strategic decision making of oligopolistic firms. It derives its name from Heinrich Freiherr von Stackelberg whose brainchild was this model. It is also referred to as the leader - follower model as a leader firm is assumed to move first, followed by other firms in the industry. Like in the Cournot model, firms have to decide on the level of output they wish to produce but they no longer take the decision simultaneously.
Bertrand Model : focuses on price competition among firms. This model has similar assumptions as the Cournot model but the implications are vastly different. Bertrand model predicts that the existence of 2 firms in an industry can push prices down to marginal cost level, i.e., duopoly can result in perfect competition in the market.
demand for two market are P1=15-Q1&P2=25-Q2.the monopoly TC is C=5+3(Q1+Q2).What are ,output,profit&MR if the monopolist can price disc? riminate
Define Amagat law of partial volume, Amagat law of partial volume The total volume of a mixture of non reacting gases at constant temperature & pressure is equal to sum of indiv
not that long ago we experienced the excitement of thinking we would have cheaper online books and free music. these visions that we had of a free market utopia that blinded us to
Non-existence of Objective Probability Distributions : Let us see why expectations are volatile in nature? According to Keynes (1936, pp. 149): "Our knowledge of the fact
Income and Substitution Effects A fall in price of a good has the two effects: Substitution & Income -Substitution Effect Consumers will tend to buy more of the good
The demand curve for gasoline is P = 200 - 10Q. a. Find the elasticity of demand for a quantity of 8. Does this number imply that quantity demanded is sensitive to price change
what is the mass of a body when it is taken to the moon
What is the difference between decreasing marginal returns and negative marginal returns?
International economic relations also depend, in large calculate, on monetary =issues. You are unlikely to accept the Turkish Lire in payment for your wages in this country, easil
subsitution effect dominate tha income effect in which good case?
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