Question: Nash equilibrium OPEQ simulation: 3 countries, with no diplomatic contacts: we need to understand how maximize profit giving aS input the number of barrels to

Nash equilibrium OPEQ simulation:

3 countries, with no diplomatic contacts: we need to understand how maximize profit giving aS input the number of barrels to be produced each year.

The price is calculated as follows: P= 70 - 0.03Q. Where "Q" stands for the total qty of the 3 countries. What 70 stands for?

How do you calculate the Nash equilibrium?

Thanks

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!