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2. (6 Marks) An industry contains two firms and the inverse demand function for the firms' output is P-180-3Q, where Q is the total output

2. (6 Marks) An industry contains two firms and the inverse demand function for the firms' output is P-180-3Q, where Q is the total output Suppose that firm 1's cost and marginal cost functions are C(q)-30q) and MC(q)-30, while firm 2's cost and marginal cost functions are C(q) qz and MC(q)-2q2 b. Determine each firm's Nash equilibrium output. (4 Marks) Determine each firm's profit at the Nash equilibrium output. (2 Marks)

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