February 2016
Beginner to intermediate
500 pages
33h 40m
English
Content preview from Managerial Economics and Strategy, 2/e Become an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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Appendix 11B Nash-Bertrand Equilibrium
We use math to determine the cola market Nash-Bertrand equilibrium discussed in the text. First, we determine the best-response functions each firm faces. Then, we equate the best-response functions to determine the equilibrium prices for the two firms.
Coke’s best-response function tells us which price Coke sets to maximize its profit as a function of the price Pepsi charges. We use the demand function for Coke to derive its best-response function.
The reason Coke’s price depends on Pepsi’s price is that the quantity of Coke demanded, [&q_{c},&] depends on the price of Coke, [&p_{c},&] and the price of Pepsi, [&p_{p}.&] Coke’s demand function is
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