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Question 1 20 points Save An The market for sunglasses has one dominant firm, Luxottica, and 15 small firms. The total market demand curve is given by QD = 380 - 0.5P. The total market supply curve for the 15 small firms is given by Qs = 40 + 1.5P, and Luxottica has a constant marginal cost of $34 per sunglass. According to the price leadership model, what price will Luxottica choose to sell its sunglasses at, and how many will they produce and how many will the 15 small firms produce together? Price: $ Luxottica Quantity: sunglasses 15 small firms combined Quantity: sunglassesi There are only 2 shoe stores in a small town, and they each can supply a pair of shoes at a constant marginal cost of MC = 318' Total market demand for shoes in this town is given by P = 150 Q, If the 2 rms compete against each other in a Cournot duopoly, how many pairs of shoes will each rm produce and what will be the resulting market price? Quantity: pairs of shoes (each) Price: 3