Question 2, Text Exercise 3.13 N HW Score: 88.69%, 6.21 of 7 points @ Part 6 of 6 Points: 0.88 of 1 A duopoly faces a market demand of p=120 - Q. Firm 1 has a constant marginal cost of mc' = $20. Firm 2's constant marginal cost is Mc? = $40. Calculate the output of each firm, market output, and price if there is (a) a collusive equilibrium or (b) a Cournot equilibrium. The collusive equilibrium occurs where q; equals 50 and q, equals 0. (Enter numeric responses using real numbers rounded to two decimal places) Market output is 50 . The collusive equilibrium price is $ 70 . The Cournot-Nash equilibrium occurs where g, equals 40 and g, equals 20. Market output is 60 . Furthermoare, the equilibrium occurs at a price of $ Question 5, Text Exercise 4.1 N HW Score: 88.69%, 6.21 of 7 points Part 3 of 4 @ Points: 0.5 of 1 p=90-Q. Each firm has a marginal cost of $15 per unit. ~ What is the Cournot equilibrium? The Coumnot equilibrium quantities for Firm 1 (q,) and Firm 2 (g, ) are gq = 25 units and 4, = 25 units. (Enter numeric responses using real numbers rounded to two decimal places.) The Cournot equilibrium price is p=%$40. What is the Stackelberg equilibrium when Firm 1 moves first? The Stackelberg equilibrium quantities when Firm 1 moves first are g, =| | units and g, =| | units. Question 5, Text Exercise 4.1 HW Score: 95.24%, 6.67 of 7 points Part 4 of 4 U L TR R O What 1s the Cournot equilibrium? The Cournot equilibrium quantities for Firm 1 (q,) and Firm 2 (g, ) are q; = 25 units and g, = 25 units. (Enter numeric responses using real numbers rounded to two decimal places.) The Cournot equilibrium price is p=%$40. What is the Stackelberg equilibrium when Firm 1 moves first? The Stackelberg equilibrium quantities when Firm 1 moves first are qq = 37.5 units and g, = 18.75 units. The Stackelberg equilibrium price is p=8