= a - bp₁ + dp2 2 = a - bp₂ + dp₁, here a, b > 0 and |d| < b. d > 0 indicates the products are substitutes, d < 0 indicate complements. The costs of the firms is given by (qi) = c¡qi, i = 1, 2. Profits are given by: =(P₁; Pj) = (a − bp₁ + dp;)(p; — c₁), i = 1, 2. ou are asked to perform the following tasks: 1. Build in Python a demand function that has prices, and demand parameters (a, b, d) as inputs. The function should return the quantity demanded for a given firm. 2. Build in Python a cost function that returns the cost that a given firm would incur to produce a certain quantity of output (the inputs should be quantity and the cost paramter). 3. Build in Python a profit function that returns the profit of a given firm. The user of the function should be able to choose the cost parameter, the price of the firm, the price of the competitor, and the demand parameters. 4. Build in Python a best response function that returns the optimal price of a firm, given cost, the demand parameters, and the competitor's price.

= a - bp₁ + dp2 2 = a - bp₂ + dp₁, here a, b > 0 and |d| < b. d > 0 indicates the products are substitutes, d < 0 indicate complements. The costs of the firms is given by (qi) = c¡qi, i = 1, 2. Profits are given by: =(P₁; Pj) = (a − bp₁ + dp;)(p; — c₁), i = 1, 2. ou are asked to perform the following tasks: 1. Build in Python a demand function that has prices, and demand parameters (a, b, d) as inputs. The function should return the quantity demanded for a given firm. 2. Build in Python a cost function that returns the cost that a given firm would incur to produce a certain quantity of output (the inputs should be quantity and the cost paramter). 3. Build in Python a profit function that returns the profit of a given firm. The user of the function should be able to choose the cost parameter, the price of the firm, the price of the competitor, and the demand parameters. 4. Build in Python a best response function that returns the optimal price of a firm, given cost, the demand parameters, and the competitor's price.

Database System Concepts

7th Edition

ISBN:9780078022159

Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan

Chapter1: Introduction

Section: Chapter Questions

Problem 1PE

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