Cournot duopolists face a market demand curve given by P = 50 - 1/2Q, where Q is total market demand in units. Each firm can produce output at a constant marginal cost of $23/unit.

a) What is the equilibrium price and quantity produced by each firm?

b) What if the firm's engaged in Bertrand competition?

c)What if one of the firms chose its quantity before its competitor? What is the name for this sort of competition?

d) Which of the three forms of competition gives the greatest social surplus?