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5. Two firms are competing in a Bertrand market. Each firm's residual demand and cost functions are q1 = 125 - 4p, + P2 TC

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5. Two firms are competing in a Bertrand market. Each firm's residual demand and cost functions are q1 = 125 - 4p, + P2 TC = 2q1 92 = 150 - 3p2+ 4p1 TC, = 692 a. Find the profit-maximizing market price for each firm assuming no product differentiation. b. Find the profit-maximizing quantity for each firm assuming product differentiation

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