2. (1 pointal :Cournut. duopoly; 'Ilu inverse market demand for a carla'n preduel is given by P = 60 _Q, where P denlee's prive and Q denble aggregate output. There are two living in the market, each with a constant marginal cost of $12. There is " fixed cost. The lives choose quantities and behave as Cournot competitor;. (2) Derive the reaction functions of the two firme and find the Nash equilibrium profits. (27) If the tins maximize the total profit. how much profit does each firm make at the joint profit maximum? (212) Suppose that the game is repeated infinitely. For what values of the dis- count factors can the joint profit maximum be supported as a subgame porfort Nash equilibrium ankcome