9. Consider a Cournot duopoly; the two firms' reaction functions are below. Suppose that the 2nd firm (F2) assumes that the 1st firm's (F1) output will be 7 units. Show the resulting sequence of output adjustments that leads to the Cournot equilibrium. State the Cournot equilibrium. Is this a Nash equilibrium? Explain. (Hint: by showing the output adjustment sequence I mean showing how firms' outputs gradually change according to their reaction functions. E.g., if Q1=1 then Q2-5; if Q2-5 then Q1 = 4, etc.). 10 pts. F1's reaction function F2's reaction function Q2 (F2's Q2 (actual output in F2) Q1 (F1's optimal Q1 (actual output in optimal output at F1) output at given Q2) given Q1) 9 9 0 8 1 8 1 7 2 7 2 6 3 6 3 5 4 5 3 4 4 4 3 3 5 3 2 6 2 1 7 1 455 0 8