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Two firms compete in a market to sell a homogeneous product with inverse demand function P=6003Q. Each firm produces at a constant marginal cost of
Two firms compete in a market to sell a homogeneous product with inverse demand function P=6003Q. Each firm produces at a constant marginal cost of $300 and has no fixed costs. Use this information to compare the output levels and profits in settings characterized by Cournot, Stackelberg, Bertrand, and collusive behavior. Instruction: Do not round intermediate calculations. Round final answers to two decimal places for Cournot values. Cournot output for each firm: Cournot profits for each firm: \$ Stackelberg leader output: Stackelberg follower output: Stackelberg leader profits: \$ Stackelberg follower profits: \$ Bertrand market-level output: Bertrand profits for each firm: \$ Collusive market-level output: Collusive industry-level profits: $
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