Question: Help me with this answering a to e, please. Thank you so much. Take the following functions for a duopoly market for Firm X and

Help me with this answering a to e, please. Thank you so much.

Help me with this answering a to e, please. Thank you so

Take the following functions for a duopoly market for Firm X and Firm Y: P = $1,300 - 2Q MR (Stackelberg) = $775 - 2Qx MR (Cournot) = $1,300 - 40x - 2QY Assuming constant marginal cost for both firms of $250 and that market output is represented by the output of Firm X and Firm Y. a) Calculate the output-reaction curves for Firms X and Y if both firms act simultaneously (show all workings). (4 marks) b) Calculate the profit maximising level of output for each firm and the equilibrium market quantity and price if both firms act simultaneously (show all workings). (4 marks) c) Calculate the profit maximising level of output for Firm X assuming that it has first mover advantage in this market and correctly anticipates the output reaction curve of Firm Y (show all workings). (2 marks) d) Based on Part c) calculate the profit maximising level of output for Firm Y (show all workings). (2 Marks) e) Based on Part c) and Part d) calculate the equilibrium output and price in the market (show all workings). (2 marks)

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