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Two Firms Compete as a Stackelberg Duopoly

question 14

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Two firms compete as a Stackelberg duopoly. The demand they face is P = 100 - 3Q. The cost function for each firm is C(Q) = 4Q. The profits of the two firms are:


Definitions:

Saint Luke Drawing

An artistic theme depicting Saint Luke, traditionally considered the patron saint of artists, often shown in the act of drawing or painting the Virgin Mary.

Rogier Van Der Weyden

A prominent Northern Renaissance painter known for his detailed portraits and religious compositions, active in the 15th century.

Duke Philip the Bold

A prominent figure from the Valois Dynasty in France, serving as Duke of Burgundy from 1363 until his death in 1404 and known for his influence in politics and the arts.

CPI

The Consumer Price Index, a measure that examines the weighted average of prices of a basket of consumer goods and services, typically used as an indicator of inflation.

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