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Question 6 Suppose two firms (Firm 1 and Firm 2) are producing a product. Let the inverse demand function be: P = 120 - Q,

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Question 6 Suppose two firms (Firm 1 and Firm 2) are producing a product. Let the inverse demand function be: P = 120 - Q, where Q = Q1 + Q2. Each of the two firms has the cost function TC = 10Q. Based on the information given, calculate the equilibrium P, Q, Q1, Q2 profit, and profit2 under: (a) monopoly (collusion) (b) Cournot (c) Stackelberg

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