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{"ops":[{"insert":"Stackelberg model) In a duopoly industry, there are only 2 firms, firm 1 is the industry leader, while firm 2 is the follower. Firm 1\u2019s cost function is: C"},{"attributes":{"script":"sub"},"insert":"1"},{"insert":"=1.2\u00b2q"},{"attributes":{"script":"sub"},"insert":"2"},{"insert":"+2 , firm 2\u2019s cost function is:C"},{"attributes":{"script":"sub"},"insert":"2"},{"insert":"=1.5\u00b2q"},{"attributes":{"script":"sub"},"insert":"2"},{"insert":"+8. The market demand function is:\u00a0P=100-Y . In a typical Stackelberg model setting, firm 1 makes its production decision first, then firm 2 makes its own decision. \nGiven any q"},{"attributes":{"script":"sub"},"insert":"1"},{"insert":", what is firm 2\u2019s best response\/rection function?"},{"attributes":{"list":"ordered"},"insert":"\n"},{"insert":"Given firm 2\u2019s best response function, what is firm 1\u2019s best production decision?"},{"attributes":{"list":"ordered"},"insert":"\n"},{"insert":"What is the Stackelberg equilibrium?"},{"attributes":{"list":"ordered"},"insert":"\n"}]}

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