Consider a market where there are only two firms selling differentiated products. Assume that Firm 1's inyerse demand cone is p1 = 1d {h [15:32 and rm 2's inyerse demand more is p: = 14 oz .5q1. Suppose rm 1's total cost is [:1 = 10 + qland rm 2's total cost function is (2'2 = 12 + 1.1.12. Show the basis and briefly explain what is going on as you answer each of the following questions. Your marl: will depend upon the correctness of your basis and explanation. Suppose instead that the two firms compete by setting their prices simultaneously, as in the Bertrand model. a. Find each firm's direct demand curve equation. b. Find the price reaction function of each firm. c. Find the Nash-Bertrand equilibrium prices of the two firms. d. Find the Nash-Bertrand equilibrium outputs of the two firms