Completed quickly and followed instructions given. Grammar, spelling, etc. was all good as well. Thank you so much! Will hire in the future.
Can any tutor help me on this question, please. THANK YOU.
Question 3 Consider a market served by two fmns, l and 2, and suppose that demand is given by P = a – h Q where Q = It}1 + qz. Suppose that the two ﬁrms incur costs equal toErmi] = 5’31’5}in = (”is a. Suppose that the two ﬁmis move simultaneously and o :3- c 2:- t}.i. Derive the Wash equilibrium and provide a graphical representation of the best response ﬁmctions. [15 marks]ii. 1|.’I”.I”hat happens to the equilibrium if parameter :2“ increases? Provide economicintuition of the result. [5 marks] b. Suppose now that fu’m l delegates production decisions to a manager who targets acombination of proﬁts and sales:U1 = “1 + ’31Firm 2 chooses oz to maximize own proﬁts 1:2. Derive the Nash equilibrium and provide a graphical representation of the bestresponse functions. Compare this answer with what you have reported in ad, Provideeconomic intuition of the result. [III] marks] c. Suppose now that both f’n’ms delegate production decisions to managers who target acombination of proﬁts and sales:Ur = “’1 + Q1”2 = “a + it: Derive the Nash equilibrium and provide a graphical representation of the bestresponse ﬁmctions. Compare this answer with what you have reported in agin. and b.Provide economic intuition of the result. [It] marks]
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