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question 3 Question 3 Suppose that two identical firms produce solar panels and that they are the only firms in the market. Their costs are

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Question 3 Suppose that two identical firms produce solar panels and that they are the only firms in the market. Their costs are given by C1 = 60Q1 and C2 = 60Q2, where Q1 is the output of Firm 1 and Q2 the output of Firm 2. Price is determined by the following demand curve: P = 300 - Q where Q = Q1 + 02. a) Find the Cournot-Nash equilibrium. Calculate the profit of each firm at this equilibrium. b) Suppose the two firms form a cartel to maximize joint profits. How many solar panels will be produced? c) Calculate each firm's profit

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