Art, Music, and Creative Writing homework help. 1. Crude oil is transported across the globe in enormous tanker ships called Very Large Crude Carriers (VLCCs). By 2001, more than 92% of all new VLCCs were built in South Korea and Japan. Assume that the price of new VLCCs (in millions of dollars) is determined by the function P=180 Q, where . Assume that cost of building each ship is $30 million in both Korea and Japan. That . (a) Write the profit function for each country in terms of and either . Find each countrys best-response function. (b) Using the best-response function, find the Nash Equilibrium? What if now China joins the market and .(c) Write the profit function for each country in terms of and either . Find each countrys best-response function. (d) Using the best-response function, find the Nash Equilibrium?
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