Microeconomics I partie 2/9
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Fiches pour les révisions
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Set of flashcards Details
| Flashcards | 39 |
|---|---|
| Language | English |
| Category | Macro-Economics |
| Level | University |
| Created / Updated | 06.06.2019 / 02.10.2023 |
| Licencing | Attribution-NonCommercial-NoDerivs (CC BY-NC-ND) (Unversité de Genève, cours de Pr. Monika Mrazova) |
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Prices or quantities (Cournot VS Bertrand)
Bertrand Competition: Equilibrium
Bertrand Competition: Main Assumptions
Simultaneous price setting
Few (two or more) firms producing identical products
Firms have same constant average and marginal cost
No capacity constraints
! We are looking for a Bertrand equilibrium of this game, i.e. a pair of prices (p1;p2) such that each firm is maximising its profit given the price of the other firm
Many Firms in Cournot Equilibrium
Cournot Competition: Example - Equilibrium Determination
Cournot Competition: Example - Reaction Functions Derivation
