Two Firms In An Industry Engaged In Bertrand Competition The Industry Inverse Demand 3298413

Two firms in an industry engaged in Bertrand competition. The industry inverse demand function is p = 40 – 2Q, and marginal cost is MC = 10 for both firms. No firm faces capacity constraints. Find the BertrandNash equilibrium (prices, quantities, profits consumer surplus, total surplus, herfindahl index and lerner index)

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