The large turbine generator industry is a duopoly. The two firms, GE and Westinghouse, compete through Cournot quantity setting competition. The demand curve for the industry is P 5 100 2 Q, where P is price (in $millions) and Q is the total quantity produced by GE and Westinghouse. Currently, each firm has marginal cost of $40 and no fixed costs. Show that the equilibrium price is $60, with each firm producing 20 machines and earning profits of $400.