Consider a duopoly market with 2 firms. Aggregate demand in this market is given by Q = 500-P, where Pis the price on the market. Q is total market output, i.e., Q = QA+QB, where QA is the output by Firm A and QB is the output by Firm B. For both firms, marginal cost is given by MCi = 20, i=A,B. Assume the firms compete a la Cournot. a) Find the inverse demand in this market. Note that marginal revenue for both firms is given by MRA=500-2QA-QB, MRB=500-QA-2QB. b) Describe what a best-response curve is and how to find it. c) Derive the best-response function for each firm. hi, can you answer part a.b,c please. If possible, please answer this question in typing as i can't read hand-written answers, thanks Consider a duopoly market with 2 firms. Aggregate demand in this market is given by Q = 500-P, where Pis the price on the market. Q is total market output, i.e., Q = QA+QB, where QA is the output by Firm A and QB is the output by Firm B. For both firms, marginal cost is given by MCi = 20, i=A,B. Assume the firms compete a la Cournot. a) Find the inverse demand in this market. Note that marginal revenue for both firms is given by MRA=500-2QA-QB, MRB=500-QA-2QB. b) Describe what a best-response curve is and how to find it. c) Derive the best-response function for each firm. hi, can you answer part a.b,c please. If possible, please answer this question in typing as i can't read hand-written answers, thanks