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{"ops":[{"insert":"Part 2. Consider an industry comprised of N number of identical Cournot-competing firms. Market demand is given by P=a-bQ, where P is price and Q is total industry output. Note, Q = q1 +q2+q3+\u2026, which then results in Q = Nq (since all N firms are identical, q1=q2=q3-\u2026). Therefore, we can write P = a-bNq.\u00a0\n\nFor a given firm i, we can write demand as follows: P = a-b(N-1)qj \u2013 bqi, where, qj simply refers to any other firm except firm i. It can be shown that firm i\u2019s marginal revenue can be written as follows: MR = P = a-b(N-1)qj \u2013 2bqi.\u00a0\n\n1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Set MR = MC and find firm i\u2019s Best Response Function (RF).\n\n\n"}]}
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