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2. The inverse demand for a homogeneous-product Stackelberg duopoly is P = 30,000 - 5Q. The cost structures for the leader and the follower, respectively,
2. The inverse demand for a homogeneous-product Stackelberg duopoly is P = 30,000 - 5Q. The cost structures for the leader and the follower, respectively, are Ci(Q1) = 3,000Q, and C2(Q2) = 5,000Q2. a) What is the follower's reaction function? 3/5 b) Determine the equilibrium output level for both the leader and the follower. c) Determine the equilibrium market price. d) Determine the profits of the leader and the follower
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