Two firms, 1 and 2, are producing identical printers. The demand for these printers is given by the inverse demand curve P=400-2Q, where Q is the total number of printers. Each firm has a constant marginal cost of production, MC1=$30 and MC2=$40. There are no fixed costs.

a. If the firms compete via Cournot, how much does each firm produce? What is the market price?

b. If the firms compete via Bertrand, how much does each firm produce? What is the market price?

c. If firm 1 chooses its quantity before firm 2 does (i.e. they compete a la Stackelberg), how much does each firm produce? What is the market price?