QUESTION 24 Consider a Cournot oligopoly with two firms, where the demand curves are given by P = 100 -Q1 -2Q2 P2= 100 - 2Q1 -Q2 and that costs are given by TC (Q1) = Q 1 , MC, = 2Q1. TC(Q2) = Q-2, and MC2 = 202 - Also, marginal revenues can be written as MR, = 100-2Q, -202, MR, = 100-2Q1 -202 - Solve for each firm's profit. Profit for firm 1= 600, Profit for firm 2= 300 Profit for firm 1= 300, Profit for firm 2= 600 Profit for firm 1= 555.55, Profit for firm 2= 555.55 Profit for firm 1= 0, Profit for firm 2= 0