Two identical firms operate in a market. The market demand curve is given by P = 120 - 6.Q Each firm has a constant marginal cost of f12 per unit and fixed costs of $100. (a) Assume that the firms operate in a Cournot duopoly framework. Derive each firm's profit-maximising output, the total level of output in the market and the market price. (12 marks) ( b ) Assume now that the two firms collude and operate as if they were a single monopoly. Derive their combined output and the resulting market price. How much more profit, in aggregate, do the two firms make operating as a monopoly compared to that which they made under the Cournot assumption? (8 marks)