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The inverse demand function in oligopoly market is p(Q)=50-2Q while the cost function for firm 1 and 2 are the same at c(q)=10+2q i. Obtain reaction functions for each firm in Cournot game. ii. Draw reaction functions graph for both firms with firm 2 in y-axis. iii. Obtain Nash equilibrium quantity, price and profit for each firm in Cournot game. iv. Obtain the total quantity and profit in oligopoly market. This video is the extend from my previous tutorial video on cartel’s profit maximizatio
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