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- Consider a Cournot duopoly with the following inverse demand function: P = 4,000 – 4Q1 - 4Q2. The firms' marginal costs are identical and are given by MC¡(Q¡) = 120QI. Based on this information, firm 1 and 2's reaction functions are Multiple Choice r1(Q2) = 485 - 0.5Q2 and r2(Q1) = 485 – 0.5Q1. r1(Q2) = 488 – 0.5Q2 and r2(Q1) = 488 – 0.5Q1. r1(Q2) = 33.3 – 0.25Q2 and r2(Q1) = 33.3 – | 0.25Q1. r1(Q2) = 288 - 0.5Q1 and r2(Q1) = 288 – %3D %3| 0.5Q2.Consider a Cournot duopoly with the following inverse demand function: P = 100 - 2Q1 - 2Q2. The firms' marginal costs are identical and are given by MCi(Qi) = 2Qi. Based on this information, firm 1 and 2's reaction functions are: A. r1(Q2) = 24.5 - 0.5Q1 and r2(Q1) = 24.5 - 0.5Q2. B. r1(Q2) = 24.5 - 0.5Q2 and r2(Q1) = 24.5 - 0.5Q1. C. Q1 = 49 - 0.5Q2 and Q2 = 49 - 0.5Q1. D. Q1 = 49 - 0.25Q2 and Q2 = 49 - 0.25Q1. Please provide me with detail step by step process to get to the answer. coz no matter how many times I tried. my answer doesnt match the one in answer keySuppose that Raleigh and Dawes are the only sellers of bicycles in the UK. The inverse market demand function for bicycles is ?(?)=200−2?. Both firms have the same total cost function: ??(?)=12? and the same marginal cost: ??(?)=12.Suppose this market is a Stackelberg oligopoly and Raleigh is the first mover.a) Write down a formula for the reaction function of Dawes.b) Calculate the equilibrium quantity that each firm produces and the equilibrium price in the market.c) At the Stackelberg equilibrium, how much profit does each firm make?Suppose now that the two firms decide to act like a single monopolist.a) What will the total quantity of bicycles sold in the market be and what will the equilibrium price be? Represent the profit maximisation problem on a graph and indicate the price and quantity at the equilibrium.b) Calculate the total profit made by the two firms when they act like a monopoly. Compare it with the total profit they were making in the Stackelberg oligopoly.c) For the…
- In a Cournot duopoly model, the market demand curve is given by P 100 - yI - y2- !! where y, is the amount of output firm 1 produces and y2 is firm 2's level of output. The cost function of firm 1 is c(y1) 75 +8y1. The cost function of firm 2 is c(y2) = 100 +12y2. %3D The reaction function of firm 1 is y1 = -0.5y2- The reaction function of firm 2 is y2 = -0.5y1- In the Cournot equilibrium, firm 2 produces units of output and makes a producer surplus of $Consider a Cournot Duopoly model. The inverse demand for their products is given byP = 200 − 6Q, where Q is the total quantity supplied in the market (that is, Q = Q1 + Q2). Each firm has an identical cost function, given by TCi = 2Qi, for i = 1, 2.(a) In the Cournot model, what does each firm choose?(b) What is the timing of each firm’s decision?Consider the following Cournot duopoly. Both firms produce a homogenous good. The demand function is Q = 100 -2P, where Q is the total quantity produced. Firm 1's cost function is TC(q,)=59, + 1. Firm 2's marginal cost of production is c =6 with probability 0.5 and c5 =3 with probability 0.5. Firm 2 knows its own cost function and firm 1's cost function. Firm 1 knows its own cost function and the probability distribution of firm 2's marginal cost. How much does firm 2 produce in a Bayesian Nash Equilibrium? O 175/6 if the marginal cost is high and 193/6 if the marginal cost is low O 86/3 if the marginal cost is high and 98/6 if the marginal cost is low O 92/3 98/6
- Suppose that Raleigh and Dawes are the only sellers of bicycles in the UK. The inverse market demand function for bicycles is P(Y)=200-2Y. Both firms have the same total cost function: TC(Y)=12Y and the same marginal cost: MC(Y)=12. Suppose this market is a Stackelberg oligopoly, and Raleigh is the first mover. Write down a formula for the reaction function of Dawes. Calculate the equilibrium quantity that each firm produces and the equilibrium price in the market. Give typing answer with explanation and conclusionConsider a Cournot duopoly with the following inverse demand function: P = 400 − 3Q1 − 3Q2 . The firms' marginal costs are identical and are given by MCi(Qi) = 2Qi. Based on this information, firm 1 and 2's marginal revenue functions are Multiple Choice MR1(Q1,Q2) = 400 − 6Q1 − 3Q2 and MR2(Q1,Q2) = 400 − 3Q1 − 6Q2. MR1(Q1,Q2) = 200 − 6Q2 and MR2(Q1,Q2) = 200 − 3Q1. MR1(Q1,Q2) = 200 − 3Q1 − 3Q2 and MR2(Q1,Q2) = 200 − Q1 − 3Q2. MR1(Q1,Q2) = 400 − 6Q1 − 6Q2 and MR2(Q1,Q2) = 400 − 6Q1 − 6Q2.Consider the price function P(Y) = 1, { – 5Y + 26, 0 10 4 where y1 denotes the output of firm 1 and y2 denotes the output of firm 2 such that Y = y1 + y2. Suppose that the total cost to each firm is given by TC;(yi) = 2y; for i = 1, 2. Use Cournot's Duopoly Model to find outputs yi and y2, profits T1 and T2, and price P. %3D
- What is the homogeneous-good duopoly Cournot equilibrium if the market demand function is Q=4,000-1,000p, and Firm l's and Firm 2's variable cost functions are V (q1) = 0.22qlandV (q2) = 0.22q2 , respectively. Select one alternative: Both firms produce 1300 units of outpuit. Both firms produce 1280 units of output. Both firms produce 1240 units of output. Both firms produce 1260 units of output.Consider a Cournot Oligopoly. One firm has costs C1(Q1) = 12Q1 while the other firm’s cost function is C2(Q2) = 10Q2. The demand for both firms’ products Q=Q1 +Q2 isQD(P)=200−2P. (a) Determine the equilibrium price P, the market shares s1, s2, and the quantities Q1, Q2 produced by both firms. (b) Suppose more firms with the lower cost technology, i.e., with cost function Ci(Qi) = 10Qi enter the market. How many firms with this technology must be in the market such that firm 1’s profit becomes negative. In other words, suppose there is one firm with the high costs, and n firms with the low costs. At what level n will profits of the high-cost firm be negative?Consider a Stackelberg duopoly with the following inverse demand function: P = 100 - 2Q1 - 2Q2. The firms' marginal cost are identical and given by MCi(Qi) = 2Qi. Based on this information the Stackelberg follower's reaction function is Group of answer choices QF = 24.5 - 0.25QL. QF = 49 - 0.25QF. QF = (50/3) - (1/3)QL. QF = 24.5 - QL.