1. (20 points) Consider an industry with constant marginal cost equal to $2000 per unit of output and which faces an inverse market demand curve equal to: P = 8000 50Q a) If the two rms engage in Bertrand competition, what would the market price, market quantity, and prots of each rm be? '0) Consider a market in which there are two rms. Please write the equation for the reaction function of each rm. Draw the reaction functions. 0) If there were two rms engaged in Cournot competition, what would the market price, market quantity, prots of each rm, and market prots be? d) If there were two rms engaged in Stackleberg competition with Firm 2 as the leader, what Would the market price, market quantity, prots of each rm, and market prots be? For parts e) g) consider that Firm 1 has a constant marginal cost equal to $2000 per unit of output and Firm 2 has a constant marginal cost equal to $4000 per unit of output. e) Please write the equation for the reaction function of each rm. Draw the reaction functions. f) If there were two rms engaged in Coumot competition, what would the market price, market quantity, prots of each firm, and market prots be? g). If there Were two rms engaged in Stackleberg competition with Firm 2 as leader, what would the market price, market quantity, prots of each rm, and market prots be