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Let ci be the constant marginal and average cost for rm i (so that rms may have different marginal costs). Suppose demand is given by P = 1 Q Assume there are two rms in a Cournot market. In the Nash equilibrium, rm 1 will produce q'i = V and rm two will produce 45 = V , resulting in a total industry output of Q5 = V and equilibrium market price ofPC = V . Firm 1 earns a prot of 3f = V while firm 2 will earn a prot of 1:; = V . This equilibrium price and total market combination quantity combination, along with the market demand curve, results in a consumer surplus of CS5 = V .(Hint: Try drawing a graph of the market demand curve, along with the Nash equilibrium price and market quantity combination to help you visualize the area representing consumer surplus.) The following graphs show the best response functions of the two firms. Firm 1's best response function is shown in blue and labeled as BR1 , while rm 2's best response function is shown in green and labeled as 3R2. Suppose that rm 1's marginal cost decreases. The following graphs show the best response functions of the two firms. Firm 1's best response function is shown in blue and labeled as BR1, while rm 2's best response function is shown in green and labeled as BR2. Suppose that rm 1's marginal cost decreases. 0n the following graph, shift one (but not both) of the rm's best response functions to reect the lower marginal cost for rm 1, then answer the question that follows. C?) O 3R1 qr BR2 N U' BR2 BR1 q1 decreases After the reduction in the marginal cost of firm 1, the equilibrium output for rm 1 V while the equilibrium output for rm 2 v Let ci be the constant marginal and average cost for rm i (so that rms may have different marginal costs). Suppose demand is given by P = 1 Q. Assume there are two rms in a Cournot market. In the Nash equilibrium, rm 1 will produce q? = V and rm two will produce q; = V , resulting in a total industry output of Q6 = V and equilibrium market price ofPC m 1 earns a prot of If = V while rm 2 will earn a profit of 7:; = V . This equilibrium price and total market combination qu ination, along with the market demand curve, results in a consumer surplus of CS\" = v .(Hint: Try drawing a graph of the nd curve, along with the Nash equilibrium price and market quantity combination to help you visualize the area representing consumer surp The following graphs show the best response fun - two firms. Firm 1's best response function is shown in blue and labeled as BR1, while rm 2's best response function is shown in green a - - - as BR2. Suppose that rm 1's marginal cost decreases