The graph below shows a duopolistic market. The firms in this market produce and sell identical products. The graph below shows the market demand, a corresponding marginal revenue curve for the product, and an identical marginal cost curve for each firm. Assume both firms have the goal of maximising economic profit. If the two firms were to collude, what would be the total economic profit made by each firm? Price($) 10 MC MR D O 0 1 2 3 4 5 6 7 8 9 10 Quantity O $24 O $8 O $6 Insufficient information to determine economic profit of each firmQUESTION G The graph below shows a duopolistic market. The firms In this market produce and sell identical products. The graph below shows the market demand, a corresponding marginal revenue curve for the product, and an Identical marginal cost curve for each firm. Assume both firms have the goal of maidmising economic profit. If either firm charges a lower price than the other, then the firm charging the lowest price will supply the entire market at that price. Assuming the two firms do not communicate with each other in any way and act in their own Immediate self interest, what is likely to be the Nash equilibrium output in the market in the short term? Price($) 10 OHNWA MC D 0 1 2 3 4 6 7 8 9 10 Quantity