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In the Bertrand model with product differentiation, suppose that the two Bertrand firms face the following symmetric demand curves: q1 = 100 - 2p1+ 3p2

In the Bertrand model with product differentiation, suppose that the two Bertrand firms face the following symmetric demand curves:

q1 = 100 - 2p1+ 3p2

q2 = 120 - 2p2 + 2p1

where q1, q2 0. MC and ATC for both firms is $5. Find the Bertrand equilibrium price and output for both firms.

explain it and need typed answers

Thank yoiu

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