The inverse demand for a homogeneous-product Stackelberg duopoly is P = 24,000 5Q. The cost structures for the leader and the follower, respectively, are C_L(Q_L) = 3,000Q_L and C_F (Q_F) = 4,000Q_F.

a. What is the follower's reaction function?

Q_F= Q_L b. Determine the equilibrium output level for both the leader and the follower. Leader output:

Follower output: c. Determine the equilibrium market price.

$ d. Determine the profits of the leader and the follower. Leader profits: $

Follower profits: $