The inverse market demand in some industry is p = 38 - 2q. Firms in the industry use a technology with a fixed marginal cost. A firm producing y units incurs a total cost of c(y) = 2y.

Suppose that the market is served by two firms, where Firm 1 is the first to choose the quantity it would supply, and Firm 2 chooses the quantity it would supply only after observing Firm 1's decision.

PART A) In equilibrium, what would (1) Be market price? (2) The total quantity supplied by the two firms together ? (3) The total profit made by the two firms together?

PART B: Suppose conditions change, such that Firm 2 has to choose its quantity with no knowledge of Firm 1's choice of quantity. Moreover, this change in conditions is common knowledge between the two firms. Under these conditions (4) What would be market price be? (5) The total quantity by the two firms together? (6) The total profit made by the two firms together?