A duopoly faces a market demand of p = 240 - Q. Firm 1 has a constant marginal cost of MC¹ = $10. Firm 2's constant marginal cost is MC²= $20. Calculate the output of each firm, market output, and price if there is (a) a collusive equilibrium or (b) a Cournot equilibrium.

The collusive equilibrium occurs where q₁ equals _____ and q₂ equals _____

Market output is ______

The collusive equilibrium price is _____

The Cournot-Nash equilibrium occurs where q₁ equals ______ and q₂ equals _____

Market output is ______

Furthermore, the equilibrium occurs at a price of $______