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millions). Firm 1 has been in business for one year, while Firm 2 just recently entered the market. Each firm has a legal obligation to pay one year's rent of $0.8 million regardless of its production decision. Firm 1's marginal cost is $2, and Firm 2's marginal cost is $6. The current market price is $8 and was set optimally last year when. Firm 1 was the only firm in the market. At present, each firm has a 50 percent share of the market. a. Based on the information above, what is the likely reason that Firm 1's marginal cost is lower than Firm 2's marginal cost? Learning curve effects Second-mover advantage Direct network externality Limit pricing b. Determine the current profits of the two firms Instructions: Enter all responses rounded to two decimal ploces. Firm 1's profits: $ million Firm 2's profits: $ million c. What would each firm's current profits be if Firm 1 reduced its price to $6 while Firm 2 continued to charge $8 ? Instructions: Enter all responses to two decimal places. Firm 1's profits: $ million