A DYNAMIC ANALYSIS OF PRICE DETERMINATION UNDER JOINT PROFIT MAXIMIZATION IN BILATERAL MONOPOLY
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This study provides a dynamic mathematical treatment of price determination under bilateral monopoly. The results are: a) a quantitiative solution for the equilibrium price; b) equality of profits of the buyer and seller; c) dynamically stable equilibrium price; and d) the bargaining process achieves the equilibrium price at a faster pace for larger value of the quantity.