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The function of the market demand is P=350-2Q1-2Q2. MC= $50 1. For both firms derive the reaction functions and graph them with labels Il. Find

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The function of the market demand is P=350-2Q1-2Q2. MC= $50 1. For both firms derive the reaction functions and graph them with labels Il. Find the Cournot Equilibrium price and quantities for both firms. Ill. On a graph show where the Cournot Equilibrium is compared to a perfectly competitive market equilibrium. Then Calculate deadweight loss associated with the Cournot compared to market equilibrium

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