question about eco 405as photo

JESTION 4 6 poil Consider a market with two firms and both firms produce identical products The price of the product is determined by P = 24 - Q, where Q=Of + Op is the total output of both firms. Both firms have zero marginal cost and zero fixed cost. a. (2pts) First, find Firm 1's best response function, namely optimal output Of as a function of Firm 2's output @2- b. (1pts) Next, use symmetry to get Firm 2's best response function c. (3pts) Now, find the Cournot-Nash equilibrium for these two firms How much profit does each firm earn in the equilibrium? ittach File Browse Me