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QUESTION 15 Consider the following Stackelberg environment. There are three firms in the market. All firms produce a homogenous good. Firm 1 chooses how much

QUESTION 15 Consider the following Stackelberg environment. There are three firms in the market. All firms produce a homogenous good. Firm 1 chooses how much to supply first. Firm 2 chooses how much to supply after observing the quantity supplied by firm 1. Finally, firm 3 observes the quantity supplied by firm 1 and firm 2 and chooses how much to supply. The market demand is Q =50 - P. For firm /, the total cost function is 7 C(q,) = 2q;. What is the quantity supplied by firm 1? QUESTION 16 Consider the following Stackelberg environment. There are three firms in the market. All firms produce a homogenous good. Firm 1 chooses how much to supply first. Firm 2 chooses how much to supply after observing the quantity supplied by firm 1. Finally, firm 3 observes the quantity supplied by firm 1 and firm 2 and chooses how much to supply. The market demand is Q = 50 - P. For firm i, the total cost function is TC(q,) =2q, What is the total market supply

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