Write down your birth date in the DDMM format. Let X denote the resulting number (it will be either a 3-, or 4-digit number). Suppose that the market demand function for a product is given by q = X p. There are two firms in this market: Firm 1 and Firm 2. Entry is impossible. Products are undifferentiated. Production is a one-time game i.e. it is not repeated. The total cost of production for Firm i is c(qi) = 10qi. (i.e. the marginal cost is $10, and we ignore the fixed costs.)

question: Suppose that both firms set their prices simultaneously. Calculate the quantity they produce in the Bertrand equilibrium, and determine the price(s) set by each firm.