QUESTION 4 A. Define the various types of oligopoly settings with which you are familiar in which managers make their price and output decisions. (8 marks) B. Consider a two-firm duopoly facing a linear demand curve where: P = $2,250 - Q Where P is price and Q is total output in the market (in thousands). For simplicity, also assume that both firms produce an identical product, have no fixed costs, and marginal cost MCx= MCy= $150. i. Derive the output reaction curves for firms X and Y. (8 marks) ii. Calculate the Cournot market equilibrium price and output solutions. (7 marks) iii. Calculate the total revenue for firm X. (2 marks)