We could make one more adjustment in the Bertrand model of this section and see what effect it has on the model. What if we put a limit on the total quantity that a firm can produce? This limits the supply and possibly will put a floor on prices. Let K ≥
2 denote the maximum quantity of gadgets that each firm can produce and recall that D( p) =
− p is the quantity of gadgets demanded at price p. Find the profit functions for each firm.
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https://www.topgradeaccountants.com/wp-content/uploads/2020/07/LOGO-TG1.png00miltonhttps://www.topgradeaccountants.com/wp-content/uploads/2020/07/LOGO-TG1.pngmilton2020-11-12 06:44:142020-11-12 06:44:14We could make one more adjustment in the Bertrand model of this section and see what effect it...
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