Question 1 1 / 1 pts Answer the next question(s) based on the following payoff matrix for a duopoly in which the numbers indicate the profit in thousands of dollars for a highprice or a lowprice strategy Firm X High Price Low Price X = $625 X = $725 Y = $625 Y = $475 Low Price High Price Firm Y X = $475 X = $400 Y = $725 Y = $400 Refer to the above payoff matrix. If both firms collude to maximize joint profits, the total profits for the two firms will be