Problem-Set-4 - Problem Set 4 — Imperfect Competition...

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Unformatted text preview: Problem Set 4 — Imperfect Competition Instructor: Todd Sarver Econ 310-2, Fall 2011 TA: Esteban Petruzzello (Any email questions regarding this PS should be sent to this TA.) Complete all problems and explain your answers carefully. This problem set is due on Thursday, November 3 at 4:45pm in the mailbox labeled Todd Sarver in the Economics Department main office (302 Andersen Hall). At the top of your assignment, please include the TA whose discussion session you attend (Guannan, Robert, Esteban) and the day that you attend (Monday, Friday). 1 Cournot Competition with More than 2 Firms Is this problem, you are asked to extend the analysis of the Cournot model from 2 firms to n firms, where n could be any number greater than 1. Each firm has a constant marginal cost of 10, which implies that the total cost function for firm i of producing q i units is c i ( q i ) = 10 q i . Firms simultaneously choose their production quantities q i , and the price per unit is then determined by the inverse demand function...
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Problem-Set-4 - Problem Set 4 — Imperfect Competition...

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