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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.
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Identify path of growth and development to economic maturity.
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advantage dis advantage of pure monopoly
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Plot the demand schedule and draw the demand curve for the data given for Marijuana in the case above.
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