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  1. business
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  3. solve for the bertrand equilibrium for the firms d

Solve for the Bertrand equilibrium for the firms described below if Firm 1's marginal cost...

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Finance

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Solve for the Bertrand equilibrium for the firms described below if Firm 1's marginal cost is $25 per unit and Firm 2's marginal cost is $15 per unit. Firm 1 faces a demand function of 91 = 140 - 2p1 + 1P2, where 91 is Firm 1's output, p1 is Firm 1's price, and P2 is Firm 2's price. Similarly, the demand Firm 2 faces is 92 = 140 2p2 + 121: Solve for the Bertrand equilibrium. In equilibrium, p1 equals and P2 equals (Enter numeric responses using integers.)

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