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2. Suppose that, because of brand loyalty, two Bertrand firms, Ben & Jerry's (Firm B) and Haagen Dazs (Firm H), face the following symmetric demand curves 9B = 96 -2PB + PH q H =96 -2PH + PB where qB, qH 20 and PB, PH $ 48. Both firms produce with zero fixed cost and a constant marginal cost MC = 12. a) Find the Bertrand equilibrium price, output level and profit by each firm. Do these two firms have market power over their products? b) In the absence of product differentiation, how much would each firm charge? Do they have market power in this case? c) If these firms managed to further differentiate their products by introducing new features, what would happen to their price, profit and market power? d) Comparing the competition between these two firms with and without product differentiation, which case do you think will lead to greater social welfare