There are only two firms producing oil in Small Republic. Their total costs are given by TC1 - 60q1 TC2 - 60q2 where q1 is the output of Firm 1 and q2 the output of Firm 2. Price is determined by the following demand curve: p = 300 - Q, where Q = q1 + 92- Show all your calculations (4 points) Find the Cournot-Nash equilibrium, i.e. the equilibrium if the firms hoose quantities when maximizing profit. Calculate the profit of each firm at this quilibrium. (3 points) Suppose the two firms form a cartel to maximize joint profits, i.e. they ehave like a monopolist. Assume that the total cost function for the monopolist is C = 60Q. How much oil will be produced in total? Calculate each firm's profit. (3 points) If these firms compete only one time, would they prefer to form a cartel not? Explain whether this cartel would be sustainable and, if not, what would need change to make it sustainable