suppose there are two firms in an industry and they play Cournot. Suppose these firms are identical and face constant marginal cost and average cost of $0.50. The inverse demand is P(Q) = 50 - 1/2Q

i. what is the best response functions for firm 1? and firm 2?

ii. what does the response function represent?

iii. solve for the cournot equilibrium price and quantity?