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If you are involved with the studies of economics, then you must be now familiar with the fact that the topic of oligopoly plays a very important role. Hence, it will be your loss if you decide to take its subtopic lightly. Out of the many subtopics of oligopoly, Cournot Duopoly happens to be very important and at the same it happens to be a bit difficult to understand too. Thus, to make sure that you do not have to worry about Cournot Duopoly, we at myhomeworkhelp.com are here to help.
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About Cournot Duopoly
It was mentioned by our Cournot Duopoly Assignment Help team that this subtopic Cournot Duopoly also goes by the name of Cournot competition and it is a model. In simple words, this is a model of imperfect competition where two firms and their identical cost functions happen to compete with product of homogeneous nature in a static setting.
Without a doubt it can be said the Antoine A. Cournot the developer of this model is responsible for the invention of the very concept of game theory even before the well known John Nash that is almost more than 100 years before.
It can be said that this topic represented the very creation of the oligopolies study or duopolies to be more exact.
One model of the Cournot duopoly is the strategic game and in that:
- The firms are the players
- Each firm’s action are set of output possible in nature
- It will be result into profit when each firm payoff
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