In: Economics
Can I please get a step by step (either video or written out) for this question. I don't know where to find the step by step videos. They are EXTREMELY helpful. The inverse demand for a homogeneous-product Stackelberg duopoly is P = 16,000 -4Q. The cost structures for the leader and the follower, respectively, are CL(QL) = 3,000QL and CF (QF) = 6,000QF.. a. What is the follower’s reaction function? b. Determine the equilibrium output level for both the leader and the follower. c. Determine the equilibrium market price. Determine the profits of the leader and the follower.
Subject is Economics