Imagine an industry with two firms: your firm and a competitor. The demand function

in this industry is:

$=4,380151152$

Your firm has the marginal cost $($MC$)$ of $$180$ per unit while your competitor$$s MC is $$120.$ The

fixed costs $($FC$)$ of your firm is $$50,000$ and your competitor$$s fixed costs FC$)$ is $$58,000.$

a$.(8$ points$)$ If you and your competitor announce the production quantities simultaneously,

what are the equilibrium quantities, equilibrium price, and equilibrium profits?

b$.(8$ Points$)$ If you announce your quantity first $($and the competitor announces later$),$ what will

be the equilibrium quantities, equilibrium price, and equilibrium profits?