Question: Ans in full steps please The market structure for a software product called Wrowserware is oligopoly (more precisely, duopoly). There are only two firms, firm

Ans in full steps please The market structure for a software

Ans in full steps please

The market structure for a software product called Wrowserware is oligopoly (more precisely, duopoly). There are only two firms, firm 1 and firm 2, producing exactly the same good. The market demand of this good is P = 100-2(Q1 + Q2), where P is market price, Q1 and Q2 are quantity produced by firm 1 and firm 2 respectively. The cost structure of the two firms are typical of software developer: Producing this good involves only fixed costs. Marginal costs are zero for both firms. (a). What are the marginal revenue functions for firm 1 and firm 2 respectively? (b). What are the reaction functions for firm 1 and firm 2 respectively? (c). What are the production quantities for firm 1 and firm 2 respectively in the Cournot (Nash) equilibrium

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