A market demand for golf balls is described by Q=903P, where Q is measured in kilos of balls. There are two firms that supply the market. Firm 1 can produce a kilo of balls at a constant unit cost of $15 whereas firm 2 has a constant unit cost equal to $10. Assume that the balls produced by both firms are identical.

1- Suppose the firms compete in quantities. How much does each firm sell in a Cournot equilibrium? What is the market price and what are the firms' profits?

2- Suppose the firms compete in price. How much does each firm sell in a Bertrand equilibrium? What is market price and what are the firms' profits?