# September 2023 Assume that another firm Y enters the market where inverse market demand

2024 INTERMEDIATE MICROECONOMICS Assignment Help

Assume that another firm Y enters the market where inverse market demand 2023

Assume that another firm ( Y ) enters the market, where inverse market demand is given by P(q) = a – bq , where q is quantity and a, b > 0 . (i). The cost function for firm Y is the same as that for the original firm: C(q) = d + kq , where d, k > 0 and d < a . First, consider the case where both firms simultaneously choose their quantities. a) Derive the best-response functions (reaction functions) of the two firms. b) Calculate the quantity that each firm will produce. What will be the market price? Now assume that as the incumbent firm X can choose quantity first. Then, based on firm X’s decision, firm Y chooses its quantity. c) What quantities will the two firms produce? What will be the market price?

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