25 Jul CALCULATE THE EQUILIBRIUM PRICE QUANTITY AND PROFIT FOR EACH FIRM.
Two firms produce candies that are imperfect substitutes. This is reflected in the demand curves of Show more Two firms produce candies that are imperfect substitutes. This is reflected in the demand curves of the two firms candies D1(p1 p2) = 100 ? p1 + 0.5p2 and D2(p1 p2) = 100 ? p2 + 0.5p1. Suppose each firm has constant marginal cost of 20 b) Suppose the two firms compete by making simultaneous price decisions. Calculate the equilibrium price quantity and profit for each firm. (c) Suppose the two firms compete by making sequential price decisions where firm 1 is the leader. Calculate the equilibrium price quantity and profit for each firm. Compare the profits of the leader vs. the follower and explain Show less
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