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6 Problem 6: Bertrand Competition Two firms who sell identical products engage in price competition. Each firm has a constant average and marginal cost e = 20. The market demand curve is: q(p) = 120 - p 1. Calculate Nash equilibrium prices for each firm. What is the total quantity produced? What is the deadweight loss relative to perfect competition? 2. Suppose a third firm with constant average and marginal cost c = 25 enters the market. Repeat part (a). 3. Suppose a fourth firm invents a new production technology, with c = 10, and enters the market. It is the only firm with this technology. Repeat part (a)