Analysts have estimated the inverse market demand in a homogeneous-product Cournot duopoly to beP = 1002 (Q₁ + Q₂). Theyestimatecosts to beC₁(Q₁) = 12Q₁ and C₂(Q₂) = 20Q₂. a. Determine the reaction function for each firm.

Firm 1: Q₁ = Q₂

Firm 2: Q₂ = Q₁ b. Calculate each firm's equilibrium output.

Firm 1:

Firm 2: c. Calculate the equilibrium market price.

$ d. Calculate the profit each firm earns in equilibrium.

Firm 1: $

Firm 2: $