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Thu 4 Jun, 2020 02:20 am
Compare and contrast the output levels and profits for the Cournot, Stackelberg, and Bertrand models, setting out the assumptions of these models as you proceed. Use the following demand and cost conditions for your comparison and suppose there are two firms: 𝑃=125−𝑄; each firm has a marginal cost of 4 and fixed cost of zero.