1. The market demand for pairs of duopolists is given by P=40 - 4 Q, where Q = q₁ + q₂. For each duopolist, the constant marginal cost is $20/unit and the fixed cost is zero. (10 marks)

a) Find the equilibrium price, quantity, and profit for each firm, assuming the firms act as a duopolist, (equally-sharing) cartel.

b) Find the equilibrium price, quantity, and profit for each firm, assuming the firms act as Cournot duopolist.

c) Find the equilibrium price, quantity, and profit for each firm, assuming the firms act as Stackelberg duopolist.