P = 90 - 50. where Q = Q1 + 02. The rms' cost functions are (31(01) =15+501 and C2(Qz) =15 +1002. Suppose that both rms have entered the industry. What is the joint prot-maximizing level of output? How much will each rm produce? Combined, the rms will produce D units of output, of which Firm 1 will produce |:| units and Firm 2 will produce :l units. (Enter a numeric response using a real number rounded to two decimal places.) What is each rm's equilibrium output and profit if they behave noncooperatively? Use the Cournot model. If the rms compete, then Firm 1 will produce D units of output and Firm 2 will produce D units of output. Draw the rms' reaction curves and show the equilibrium. 1.) Using the line drawing tool, draw Firm 1's reaction curve and label it RC1. 2.) Using the line drawing tool, draw Firm 2's reaction curve and label it R02. 3.) Using the point drawing tool, indicate the Cournot Equilibrium and label it Equilibrium. Carefully follow the instructions above, and only draw the required objects. Firm 1's output O'Nw-13LHGNOD 012 3 4 5 6 7 8 9101112131415161718 Firm 2's output