1. In the market of cars, there are two firms operating. The Industry Demand Curve is a function of the outputs being produced by both firms, and is given as: P = 240-(X1+X2), where X1 and X2 are the outputs of Firm 1 and Firm 2 respectively. The Total Cost faced by Firm 1 is TC1 = 20X1 and by Firm 2 is TC2 = 20X2. Each firm maximizes its own profit by choosing its own output, while taking the output of the other firm as given. Write down the profit function of each firm, and find the level of output for each firm that will maximize its profit. What are the corresponding levels of prices and profits for each firm