Two firms are competing on a market with demand P=473Q by simultaneously choosing how much to produce Firm 1 has a marginal cost of 5 While firm 2 has a marginal cost of 8 How much does firm 1 produce in equilibrium? Q1C= How much does firm 2 produce in equilibrium? Q2C= What is the equilibrium market price? PC= Two firms are competing on a market with demand P=473Q by simultaneously choosing what price to charge. Assume they can charge any real price (not just limited to integer numbers) Whoever charges the lowest price can capture the whole demand. If prices are the same, firm 1 captures the whole demand (and 2 does not sell anything) Both firms have marginal cost equal to 5. What is the equilibrium price in this market? Two firms are competing on a market with demand P=473Q by simultaneously choosing what price to charge. Assume they can charge any real price (not just limited to integer numbers) Whoever charges the lowest price can capture the whole demand. If prices are the same, firm 1 captures the whole demand (and 2 does not sell anything) Firm 1 has a marginal cost equal to 5 . Firm 2 has marginal cost equal to 8 . What is the equilibrium price in this market? If firm 2's marginal cost increased to 30 , what would be the equilibrium price in this market