🌿Cournot Equilibrium & Best Response Functions🌿

In this lecture, we continue our discussion of Imperfect Competition by studying the Cournot Model and Best Response Functions (BRFs). We derive the reaction functions mathematically, graph the BRFs, and solve for Cournot/Nash equilibrium step by step. Topics covered: • Cournot Duopoly • Best Response Functions (BRF) • Nash Equilibrium in Output Competition • Equilibrium Output of Each Firm • Market Quantity & Market Price • Individual Firm Profit • Graphical & Mathematical Solution This lecture is designed for First Year / 100 Level Economics & Game Theory students, especially EMFSS University of London learners. #Economics #GameTheory #CournotEquilibrium #BestResponseFunction #NashEquilibrium #ImperfectCompetition #Microeconomics #EMFSS #LSE #UniversityOfLondon #Duopoly #EconomicsLecture #UrduLecture #EconomicsInUrdu #GameTheoryLecture