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The inverse demand for a homogeneous-product Stackelberg duopoly is P = 12,000 4Q. The cost structures for the leader and the follower, respectively, are CL(QL)

The inverse demand for a homogeneous-product Stackelberg duopoly is P = 12,000 4Q. The cost structures for the leader and the follower, respectively, are CL(QL) = 4,000QL and CF (QF) = 6,000QF. a. What is the followers reaction function? QF = QL 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: $

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