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2.11 Suppose that there are two firms producing an identical product. Market demand is Q=1,200P The marginal cost of product by both firms is MC=0.

image text in transcribed 2.11 Suppose that there are two firms producing an identical product. Market demand is Q=1,200P The marginal cost of product by both firms is MC=0. a. Firms 1 and 2 have 200 units and 300 units of capacity, respectively. What is the Bertrand-Nash equilibrium? b. Given your answer to part a, calculate each firm's total profit

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