Two biotech engineering Firms lngen Tech and Biosyn are looking at producing an identical dinosaur the T-Rex. Competition between the two rms is based on output (a Cournot model). They believe the market demand for T-rex's will be: T = 500 -2P Where T is quantity of 'Trex 's P is price (in $milli0ns) Both rms have identical cost structures and the MC = AC = $10 million. a. b. c. What is the best response function for each rm? Explain and graph. What is the Nash equilibrium for this industry? Describe output, price and prot. Is there an advantage to one rm 'racing' to complete production earlier than the other? Explain. If you were the Director of the 'World Dinosaur Governing Body' would you advocate for increased competition? Or would you advocate for patenting of a dinosaur by the rst producer? Why? Why not