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7. Stackelberg model In Farmland, only Clancy and Amy can raise free range chickens on their farms. Assume that Clancy and Amy can collect and sell a large quantity of eggs at no cost and that free-range eggs produced outside Farmland cannot be transported into the town for sale. The following questions will walk you through the process of computing the equilibrium result using the Stackelberg model. Suppose that, in this market, Clancy decides how many eggs per day he is going to produce, and then Amy makes her decision after observing Clancy's quantity choice. The market demand for eggs is given by Q = 20 - P. Use the purple line (diamond symbol) on the following graph to Mustrate Amy's best-response function as determined by the quantity of eggs Clancy decides to produce. (?) Amy's BR AMY'S QUANTITY (Gross of eggs per day) 2 14 16 18 20 CLANCY'S QUANTITY (Gross of eggs per day) Since Clancy knows how Amy will react depending on the quantity of eggs he sells, he can internalize this effect by deriving the net demand for his eggs In the first blank column of the following table, enter the quantity of eggs Amy will sell, given each of the quantities listed for Clancy's production. Then add these quantities to solve for the total production of eggs and enter the sum in the Total Production column. Finally, determine the market price that will emerge, given the recal production, and enter that price in the final column. Clancy's Production Amy's Production Total Production Emerging Market Price (Gross per day) (Gross per day) (Gross per day) (Dollars per gross) 10The following graph shows Clancy's marginal cost (MC) for producing eggs. Use the green point (triangle symbol) to plot the net demand (ND) for Clancy's eggs based on the prices listed in the preceding table. Then, use the grey line (star symbol) to graph Clancy's marginal revenue (MR) curve. Finally, use the black point (plus symbol) to indicate Clancy's profit- maximizing level of output and the resulting market price for a gross of eggs. Note: Dashed drop lines will automatically extend to both axes. A Clancy's ND 16 Clancy's MR 10 PRICE (Dollars per gross) + Profit Max MC 2 4 6 8 10 12 14 16 18 20 QUANTITY (Gross of eggs per day) True or False: The equilibrium output chosen by Clancy and Amy are the same as would be chosen under the nonsequential Cournot game O True O False