1) Two firms compete in a market to sell a homogeneous product with inverse demand function P = 400 - 2Q. Each firm produces at a constant marginal cost of $50 and has no fixed costs. Use this information to compare the output levels and profits in market competition characterized by Cournot, Stackelberg, and Bertrand behavior. Take firm 1 as the leader when considering a leader follower market competition. Fill in the boxes with your answers. (45 points)

The box is as follows:

Market competition Firm One's Output Firm Two's Output Market price Firm One's Profit Firm Two's Profit

Cournot

Stackelberg

Bertrand

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