Industrial Economics-Micro Level Investment Decisions and Behavior of Firms [IEcoS (Economic Services) Economics Paper-3]: Questions 1 - 1 of 1

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Question 1

Appeared in Year: 2017

Describe in Detail Subjective▾

Distinguish between Cournot and Bertrand models of duopoly. (200w, 15 Marks)

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Explanation

Classical models of duopoly (only two producers) are given by French economists Augustin Cournot and Joseph Bertrand. Both the models, assuming that firms ignore their interdependence, provides solution to the price-output determination problem in oligopoly. However, there are important differences in the assumptions of these models.

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