Question: Please answer this in the EASIEST way possible. Problem 3 (Oligopoly): Suppose two firms compete by choosing output levels. If Firm 1 produces q1 units

Please answer this in the EASIEST way possible.

Problem 3 (Oligopoly): Suppose two firms compete by choosing output levels. If Firm 1 produces q1 units and firm 2 produces q2 units then total quantity supplied is Q = q1 + 92. The market price depends on the total output, Q. The firms' total cost functions are: c1(91) = 97 (for Firm 1) C2 (92) = 600q2 + 92 (for Firm 2) The market inverse demand function is: p(Q) = 1400 - Q A) Suppose the two firms choose output simultaneously. Given q2, what is Firm I's profit maximizing level of q1? (i.e., what is Firm 1's 'best response' function? B) Given q1, what is Firm 2's profit maximizing level of qz? 5 C) Solve for the equilibrium values of q1 and q2

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