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Econ 309 Assignment II Due on Friday, Feb 17. Please submit to me or to the general office before 4:30 PM 1. Consider the following game tree: A1 L R...
Suppose the market demand for a good is given by where y is quantity. Assume that each firm in the industry can make the product at a constant cost of $40 per unit.a. What are the equilibrium quantities sold if the markets are perfect competition and monopoly, respectively?b. Suppose there are only two firms (1 and 2) in the industry. Determine quantity sold by each, the market price and profits made by each if the firms are engaged in Cournot game.c. Suppose there are only two firms (1 and 2) in the industry. Determine quantity sold by each, the market price and profits made by each if the firms are engaged in Stackleberg game.d. Suppose the marginal costs are given instead by MC1 = 30 and MC2 = . The first firm is price leader whereas the second is fringe firm or, in other words, engaged in Bertrand game. Find the market price and quantity, quantities sold, and profits generated by each firm-1,11,-11,-1-1,1AB1B2A3HTHTHT
