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(Bertrand Competition). There are two brands of sneakers in town: Abibas, which produces sneakers that are more good-looking, and Nikey, which produces sneakers that are
(Bertrand Competition). There are two brands of sneakers in town: Abibas, which produces sneakers that are more good-looking, and Nikey, which produces sneakers that are more comfortable. Abibas and Nikey respectively choose their prices per pair of sneakers, pa and pn, to charge, simultaneously. The demand for Abibas's sneakers is given by qa = 160 pa + pn, while the demand for Nikey's sneakers is given by qn = 1002pn +pa, where prices are measured in dollars and quantities are measured in pairs of sneakers. Abibas has a constant marginal cost of $14 per pair of sneakers, and Nikey has only a constant marginal cost of $8 per pair of sneakers. Find the equilibrium price, quantity, and profit for each firm
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