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Rationality of Choices Made by a Group of Producers by Exogenously Determined Function of Demand for a Product

In: Workbook for Microeconomics

Author

Listed:
  • Karolina Sobczak-Marcinkowska

    (Poznań University of Economics and Business)

  • Krzysztof Malaga

    (Poznań University of Economics and Business)

Abstract

This Chapter presents 18 exercises that help in understanding the problem of describing rational decisions made by individual producers in the conditions of perfect competition, monopoly or duopoly with exogenously defined demand functions. In particular they concern following problems: determining the supply by an enterprise operating in perfect competition, setting a price of a product and the supply by a monopolist, price discrimination by a monopolist when the supply of a product is intended for two markets. Part of the exercises deals with the issues of quantitative competition, on the basis of the Cournot and Stackelberg duopoly models and with the issues of price competition, on the basis of the Bertrand duopoly model. These exercises are presented in the static and the dynamic context. The focus is to consider problems of a partial equilibrium of an enterprise and a general equilibrium of a market.

Suggested Citation

  • Karolina Sobczak-Marcinkowska & Krzysztof Malaga, 2023. "Rationality of Choices Made by a Group of Producers by Exogenously Determined Function of Demand for a Product," Springer Texts in Business and Economics, in: Workbook for Microeconomics, chapter 0, pages 163-228, Springer.
    • Handle: RePEc:spr:sptchp:978-3-031-41947-8_5
    DOI: 10.1007/978-3-031-41947-8_5
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