Use the following information for all problems in this assignment. There are two firms competing in a market, producing identical products. Each has the following cost function: c(q)=30q+20. Total market inverse demand is p=200-q. 1. Assume Cournot competition. Find the profit maximizing price and quantity that each firm will produce in equilibrium. (2 points) 2. Draw the two firms reaction functions. (2 points) 3. Suppose the two firms were to successfully collide. What would the optimal price be? How much would each firm produce? What would their revenues be? How would that compare to revenues under Cournot competition? Explain briefly why the firms are unlikely to be able to sustain collision. (2 points) 4. Assume Bertrand competition. Find the profit-maximizing price and quantity that each firm will produce in equilibrium. 5. Assume Stackelberg competition. Find the profit- maximizing price and quantity that each firm will produce In equilibrium.