Question: Please provide step by step answer 3. Dynamic Games of Industrial Organisation [50 marks.] Two multinational companies produce the same good. In the first period,

Please provide step by step answer

Please provide step by step answer 3. Dynamic Games of Industrial Organisation

3. Dynamic Games of Industrial Organisation [50 marks.] Two multinational companies produce the same good. In the first period, firm 1 sells its prod- uct as a monopolist in Paris. In the second period, firm 1 competes with firm 2 in Berlin as a Cournot duopolist. There is no discounting between the two pe- riods. Firm 1 produces quantity Xp

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