Assume that two companies (A and B) are duopolists who produce identical products. Demand for the products is given by the following linear demand function: P=400QAQB where Q; and Q3, are the quantities sold by the respective rms and P is the selling price. The total cost functions for the two companies are TCA = 1,500 + 110QA + QAZ TCB = 1,200 + 4093 + 2932 Assume that the firms act independently as in the Cournot model (i.e., each firm assumes that the other firm's output will not change). For Company A, the long-run equilibrium output is [:l and the selling price is . For Company B, the long-run equilibrium output is [: , and the selling price is . At the equilibrium output, Company A earns total profits of and Company B earns total profits of . Therefore, the total industry profits are