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Question 1 (10 points): John and Adam sell exactly the same quality of gasoline. The local demand for gasoline is given by Q=25-10P. The marginal cost functions are both constant at $1.25. If John and Adam compete by setting price, what is the market output level? What is the market price level? Make sure you justify your calculation in words. Make sure you present all the steps for your calculations too. Question 2 (10 points): GamePower is set to release its latest video game system which utilizes the newest game technology. In fact, the release date is sooner than that of its only rival Xeron. This gives GamePower "first- move" ability. The demand for video game systems is Q=150-0.1P. Both firms have the same total cost structure where TCi=0.25(Qi)2 where i repesent a firm. Calculate GamePower's optimal output level when GamePower moves first and when both firms move simultaneously. Does the "first-move" ability of GamePower allow it to capture a larger market share? Justify your