What are the cournot equilibrium quantities and price, Microeconomics

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What are the cournot equilibrium quantities and price

Problem

In a homogeneous products duopoly, each firm has a marginal cost curve MC = 10_Qi , i = 1, 2. The market demand curve is P = 50 - Q, where Q = Q₁ + Q₂.

a) What are the Cournot equilibrium quantities and price in this market?

b) What would be the equilibrium price in this market if the two firms acted as a profit-maximizing cartel?

c) What would be the equilibrium price in this market if firms acted as price-taking firms?

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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