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Y5 This is a subjective question, hence you have to write your answer in the Text-Field given below. 79426 (a) Write a note on Bertrand's

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Y5

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This is a subjective question, hence you have to write your answer in the Text-Field given below. 79426 (a) Write a note on Bertrand's Theory of Duopoly. What is the significance of Edgeworth's contract curve? (6 MARKS) (b) Find the equilibrium price for two firms, A and B, operating in a duopoly where the reaction functions are PA = 0.75PB + 5 and PB = 0.75PA + 5, respectively. How would B react if A launched an offensive by reducing the price to Rs. 10. Do only two iterations and represent them graphically

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