mvolpefirst01 mvolpefirst01

12-04-2024
Business

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Consider the duopoly Stackelberg model, in which Firm 1 chooses its output (q1) first, and then Firm 2 chooses its own output (q2). Let the market demand curve be given by the following equation: P = 2 – q1 – q2. Assume that each firm has a zero marginal cost.
(i)Calculate the equilibrium output for each firm.
(ii) Based on this example, is it better to be a first-mover or a second-mover? Be specific.

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