How would you go about setting up this problem?

The market for generic "gadgets" can be represented by the following demand curve:

Q = 20,000 - 10P (where Q is the quantity demanded per year, and P is the price ($) per gadget).

There are two producers of gadgets: Acme Corp., and Standard Gadgets.The buyers of gadgets consider the products of the two companies to be identical.The only thing that determines whether a buyer buys a gadget from one company or the other is who has the lowest price. (In the event of identical prices, a customer typically flips a coin.).Acme has fixed costs of $300,000 and marginal costs of $100 per gadget; Standard has fixed costs of $250,000 and marginal costs of $100 per gadget.

If Acme and Standard compete with each other on the basis of price, what is the likely short-run market outcome (i.e., prices, quantities, profits)?Explain.