The inverse demand for a homogeneous-product Stackelberg duopoly is P= 22,000 -5Q. The cost structures for the leader and the follower, respectively, are C;(Qq) =2,000Q; and CF(Qf = 5,000QF a. What is the follower's reaction function? 3 or=[_ ]-[ Ja points 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: $[ | Consider a Bertrand oligopoly consisting of four firms that produce an identical product at a marginal cost of $160. Analysts estimate that the inverse market demand for this product is P=800 -5Q. a. Determine the equilibrium level of output in the market. 3 1] points b. Determine the equilibrium market price. o s eBook = c. Determine the profits of each firm. - Print $ ::::::]