(a) Write a note on Bertrand's Theory of Duopoly. What is the significance of Edgeworth's contract curve? (6 MARKS) (b) Find the equilibrium price for two firms, A and B, operating in a duopoly where the reaction functions are PA=0.75PB+5 and PB=0.75PA+5, respectively. How would B react if A launched an offensive by reducing the price to Rs. 10 . Do only two iterations and represent them graphically