Question

Write the difference between Bertrand model, edgeworth model and cournot model

Answer 1

Answer:

please type the full answer

Answer 2

Answer:

While under Cournot's model, each seller assumes his rival's output to remain constant, under Bertrand's model each seller determines his price on the assumption that his rival's price, rather than his output, remains constant. ... Bertrand's model focuses on price competition.