About international trade please answer even you just answer one small question

your argument carefully. 3- A European firm (Phillips) and a Japanese firm (Sony) are the only firms to sell HD TVs in the US- Each firm realizes that US market price depends on total sales. Demand in the US is given by {is = 4000 P\" (1) and the costs for each firm are TCPhlips = QODthiips (2) 3N4012E1 Turn over 3 ECON4012-E1 and TCSM\" = 200g\"? (3) where qph'm'\" and quy are the output of Phillips and Sony. respectively. and 1'0\"\"qu and T05\"? are their costs. Answer the following questions: (a) (10 points) Write down an expression for the profits of each firm. (b) (40 points) Firms compete a la Cournot. that is. each firm chooses its own output, to maximize its own profits. treating the other firm's output as given. Equilibrium output levels and price are determined by solving the two profit maximizing (first order) conditions simultaneously. Find the profit maximizing output level of each firm as a function of the other firm's output level and then solve for the resulting equilibrium. Calculate equilibrium prots. (c) (10 points) Suppose the Japanese government provides an export subsidy of s = 150 for each TV Sony exports to the US. Write down the new expression for Sony's profits. (d) (20 points) Show how this subsidy affects equilibrium output of each firm. price in the US. and profits of each firm. (e) (20 points) Does the subsidy increase Japanese welfare (which equals Sony's profits less the Japanese government costs of financing the subsidy)? Explain your result. Is 150 the optimal Japanese subsidy if there is no European subsidy