Inverse market demand is P=1000-(Q1+Q2). Costs for each firm are identical and given by CiQi=4Qi. The profit function for a Cournot oligopolist profit = (1000-(Q1+Q2))Qi-4Qi (p. 290)
What is the Cournot oligopoly model?
In this Cournot oligopoly model, the business creates a uniform product. They decide how much to make in an effort to maximize revenues. In this market system, competition is dependent on the volume of output generated because the product is homogeneous. At the same time, every firm decides on output. They believe that output from rivals won't alter.
An approach to oligopoly known as the Cournot Model makes the assumption that firms create a homogenous good and are aware of one another's output.
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<span>As part of its risk taking function, an intermediary such as a wholesaler performs the function of sharing risk with the producer when it stocks merchandise in anticipation of sales. Risk taking involves determining what you are willing to risk to possibly do something else. In this case, a wholesaler and a producer will share the risk of the item selling when they stock shelves prior to seeing if it's what the consumer wants. </span>
When Haddock, Inc. adheres to the ethics of preventing air pollution, littering, and waste management, they are essentially adhering to business ethics and servicing <u>government</u> and <u>communities</u> stakeholders.
<h3>Who are the stakeholders of a business?</h3>
A stakeholder is a person or an entity that has some vested interests in a company because they can either affect or be affected by a business' operations and performance.
Typically, an entity's stakeholders include the following groups:
- Investors
- Employees
- Customers
- Suppliers
- Communities
- Governments
- Media
- Trade associations.
Thus, when Haddock, Inc. adheres to the ethics of preventing air pollution, littering, and waste management, they are essentially adhering to business ethics and servicing <u>government</u> and <u>communities</u> stakeholders.
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Answer:
predictive analytic
Explanation:
predictive analytic is the use of data and machine learning techniques to identify future outcomes based on historical data.