The next 3 questions are based on the following information: Two identical firms compete as a Cournot duopoly. The demand they face is P=500Q. The cost function is C(Q)=50Q for each firm 26. The output of the firm 1 is: a) 50 b) 100 c) 150 d) 200 e) 300 27. The profit of the firm 2 is: a) 7500 b) 11250 c) 22500 d) 45000 e) 50625 28. If firm 1 and firm 2 collude, the total profit for firms 1 and 2 will be a) 7500 b) 11250 c) 22500 d) 45000 e) 50625