2. Now consider a richer specification of the same game in which firms can choose any quantity, not just "high" or "low." Suppose there are two identical firms with cost functions C(q) = 2q in an industry with inverse demand given by the equation P = 50 - 4Q, where Q is the market quantity. a. Suppose firms compete only once by choosing quantities simultaneously. What is the Nash equilibrium? b. If both firms produce the same quantity qi, which value of q; maximizes joint profits? c. Now suppose that firms choose quantities once a year and discount the future at an annual rate of 5%. Can joint profit-maximization (as derived above) be achieved in a subgame perfect equilibrium