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Showing posts from May, 2019

Bertrand Model

Bertrand Competition describes interaction among firms that lead Competition by a selection of price as the strategic variable. It was developed by Joseph Louis Fran├žois Bertrand Assumption 1) production cost is constant for all firms 2) Consumers will always buy where good Is cheap. 3) There are more than one firms but number is limited. 4) It ignore capacity constraint.

          To solve mathematical problems