Question: The Question descriptiopn is below the question. Any help with the following three questions would be greatly appreciated. Thanks :) [10] Suppose instead that the

The Question descriptiopn is below the question. Any help with the following three questions would be greatly appreciated. Thanks :)

The Question descriptiopn is below the question. Any help with the followingthree questions would be greatly appreciated. Thanks :) [10] Suppose instead that

[10] Suppose instead that the two firms are competing strategically on price instead of quantity and they are making decisions simultaneously. i. [4] What is the demand function for firm 2? How does this compare with the demand function for firm 1? ii. [4] What prices will firm 1 and 2 set in equilibrium? Explain why this is a Nash equilibrium. iii. [2] How many "Zoom bookshelves\" will each vendor sell in equilibrium? 6. [22] Suppose that demand for "Zoom bookshelves" (these are collections of books that make the user appear well-read and knowledgeable) is given by Q = 280 - p. There are only two firms that produce this coveted product, they both have cost function C (q; ) = 4q,, where j = 1,2 denotes the identity of each firm, respectively. Total production of "Zoom bookshelves" is equal to the output of the two firms

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