The question is in the picture attached.Thank you.

Q1 [MONOPOLY, COURNOT AND STACKELBERG'S MODEL OF OLIGOPOLY] The market demand curve in a commodity chemical industry is given by Q = 400-2P, where @ is the market demand per month and P is the market price in dollars. (a) (5 marks) Suppose there is only one firm in the market. The marginal cost of the firm is $80 per unit. Calculate the monopoly price and quantity. Show the equilibrium using a graph. Now suppose there are two firms in this industry, Firm 1 and Firm 2. Each firm has an identical constant marginal cost of $80 per unit. Assume the competition in this market is described by the Cournot model. (b) Find Firm 1 and Firm 2's best-response functions and draw a graph to show them simultaneously. (c) What is the Nash Equilibrium price and quantity? Now suppose that the firms are playing the Stackelberg game instead. Firm 1 is the Stackelberg leader and Firm 2 is the Stackelberg follower. (d) What is the Stackelberg equilibrium price and quantity of each firm? (e) Explain the difference between the Stackelberg game and Cournot game. (f) Calculate and compare the welfare loss (DWL) of the economy under the Monopoly, Cournot and Stackelberg equilibrium