Suppose a single rm produces all ofthe output in a contestable market. Analysts determine that the market inverse demand function 5 3 is P= 400 -40, and the rm's cost function is C(O) =160. Determine the firm's equilibrium price and corresponding prots. Price: $ Prots: $ Consider a Bertrand oligopoly consisting of four rms that produce an identical product at a marginal cost of $160. Analysts estimate 54 that the inverse market demand for this product is P: 800 -50. a. Determine the equilibrium level of output in the market. points C D b. Determine the equilibrium market price. 2 01:09:47 $ c. Determine the profits of each rm. $