1. Repeated Cournot: Suppose two firms exist in a market with demand given by P = 24 - Q where Q is the total quantity produced by both firms given by Q = q1 + 92. Each firm has zero marginal cost. Assume that firms engage in simultaneous quantity competition. (a) Find the Nash Equilibrium quantity of the stage game (not repeated). (b) What is the monopoly quantity in this market. (c) Assume that the firms repeat this simultaneous quantity competition infinitely, and have common discount factor 5. Construct a grim trigger strategy that en- sures half the monopoly quantity is produced by each firm every period. (d) Find the necessary discount factor that sustains this strategy as an SPNE