Solve a Cournot competition: two firms, the inverse demand function is P(q 1 +q 2 ) and the cost function for each firm is given by C i (q i ) = q 2…
Solve a Cournot competition: two firms, the inverse demand function is P(q1+q2) and the cost function for each firm is given by Ci(qi) = q2i, for i = 1 or 2. Find the best response
correspondences of the two firms, draw them, find the intersection(s), and write down the Nash equilibria.
Please show all steps. Thank you.
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