1. The market demand for a good is Q=120p. There are two firms with zero average costs. What is the total market quantity if the two firms engage in Stackelberg competition? Answer format is one numeric value.
2. The market demand for a good is Q=120p. There are two firms with zero average costs. What is the profit earned by each firm if they engage in Cournot competition? Answer format is one numeric value.
3. The market demand for a good is Q=120p. There are two firms with zero average costs. What is the quantity produced by each firm if they compete by simultaneously setting prices? Answer format is one numeric value.