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1. Two firm in a market that has the inverse demand function P=240-6Q. Firm 1 cost function is C(Q)=3Q, and firm2 cost function s C(Q)=4Q.

1. Two firm in a market that has the inverse demand function P=240-6Q. Firm 1 cost function is C(Q)=3Q, and firm2 cost function s C(Q)=4Q. Assuming a Cournot equilibrium, Determine the following

a. Output of firm 1

b. Output of firm 2

c. Graph the reactions function to scale and identify each and the horizontal and vertical intercepts.

d. Market price of the product

e. Profits of firm 1

f. Profits of firm 2

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