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Title: Oligopoly

Essay Details

Subject: Business
Date: January 13, 2007
Length: 7 / 2078
No of views: 0
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Essay text:

The Cournot model is based on the key element that ‘each firm determines its output based on the assumption that any other firms will not change their’ Through this method we can determine market price and output. According to the Cournot model, if Firm A produces nothing (and will continue to produce nothing), Firm B will behave as a monopolist...

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It will therefore profit-maximise, producing at output level Qm (48 units) where MC is equal to MR on the graph below. Notably this is half of output under competition. If, on the other hand, Firm A produces 32 units, Firm B will now only be able to produce at 32 units less than the total quantity demanded...

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