6. Two firms face the following demand curve: P = 64 70, where Q = 01 + 02. The cost functions for Firm 1: C1 (01) = 22 + 801. The cost function for Firm 2: C2 (02) = 10 +1002. a. Suppose both firms have entered the industry. What is the joint profitmaximizing level of output? How much will each firm produce? How would your answer change if the firms have not yet entered the industry? b. Suppose the demand curve for both firms changed to: P = 70 60, where 0 = 01 + 02. The cost functions for Firm 1 changed to: C1 (01) = 20 + 10Q1_4 but Firm 2 maintained the same cost function: C2 (02) = 10 +1002. Based on the new demand and firms' cost, what are each firm's equilibrium output and profit if both firms behave noncooperatively? Use the Cournot model