Bertrand Duopoly example Bertrand competition #duopoly #oligopoly

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Bertrand competition is a model of competition in which two or more firms produce a homogenous good and compete in prices. Theoretically, this competition in prices, providing the goods are perfect substitutes, ends with the firms selling their goods at marginal costs and thus making zero profits. The result is also called the Bertrand paradox named after the economist Joseph Bertrand (1822–1900).
  1. ECON MATHS
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Actually the Cournot model is just a deviation of Bertrand model and vice versa.If one firm capitalizes another firm in terms of price there will be a reciprocal distribution of denand or production how diminishing it can be in case of Cournot model but in Bertrand model a whole consumer base is shfted to a different Oligopoly brand.

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