Suppose that firms' marginal and average costs are constant and equal to c and that inverse market demand is given by P = a - bQ, where a, b >0.

a. Calculate the profit-maximizing price-quantity combination for a monopolist. Also calculate the monopolist's profit.

b. Calculate the Nash equilibrium quantities for Cournotduopolists, which choose quantities for

their identical products simultaneously. Also compute market output, market price, and firm and industry profits.

c. Calculate the Nash equilibrium prices for Bertrand duopolists, which choose prices for their identical products