The market demand curve for a pair of duopolists is given as P = 34 3Q, whereQ=Q₁+Q₂. The constant per unit marginal cost is $16 for each duopolist. Find the equilibrium price, total quantity and profit for each firm, assuming the firms act as a Stackelberg leader and follower, with firm 1 as the leader.

Instructions:Round your answers for equilibrium price and profits to the nearest penny (2 decimal places) and round your answer for quantity to 1 decimal place.

Equilibrium price: $

Quantity:

Profit for firm 1: $

Profit for firm 2: $