In news releases through September, Pfizer had said that it aimed to manufacture up to 100 million vaccine doses this year. But in several releases in November, the company cut that to an estimate of up to 50 million doses. Assume that Pfizer and Moderna play a Cournot duopoly game in the US. How will this update by Pfizer affect Moderna’s price and output if Moderna is fully flexible in terms of production scale? Will Moderna respond by producing less or more? Will it charge less or more for a vaccine dose? Explain your logic.
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