This is the question.

Suppose there are only two automobile companies, Ford and Chevrolet. Ford believes that Chevrolet will match any price it sets, but Chevrolet too is interested in maximizing prot. Use the following price and prot data to answer the following questions. Ford's Chevrolet's Ford's Chevrolet's Selling Selling Prots Prots Price Price (m1 (mm). $ 4,000 $4,000 $ 8 $ 8 4,000 8,000 12 6 4,000 12,000 14 2 8,000 4,000 6 12 8,000 8,000 10 10 8,000 12,000 12 6 12,000 4,000 2 14 12,000 8,000 6 12 12,000 12,000 7 7 1. What price will Ford charge? 2. What price will Chevrolet charge once Ford has set its price? 3. What is Ford's prot after Chevrolet's response? 4. If the two rms collaborated to maximizejoint prots, what prices would they set? 5. Given your answer to part (cl), how could undetected cheating on price cause the cheating rm's prot to rise