In the Cournot Duopoly Model,why is the Equilibrium achieved at 1/3 Rd of the Market Share? I've been reading it for a while,while I do get the action reaction movements,I can't understand as to how the 1/3rd value was reached. Can anyone intuitively or mathematically explain as to how it's necessarily 1/3rd and not say 1/6 or 3/5?
It is not always necessarily 1/3rd. That just happens to be the outcome in the standard textbook example.