Please explain 4. a-d step by step

4. (12 points] Suppose that firm 1 in the market described in question 1 has first mover advantage. [Market demand is Q = 18 P and both firms have the same cost C(Q) = 02] a. What do we call a market where two firms move sequentially? b. Set up and solve for firm 1's output, firm 2's output, market output, and equilibrium prioe. Show all work for each step. c. Do consumers prefer this over the Cournot equilibrium you described in question 4? d. Does rm 2 prefer this type of competition over the Coumot competition? 1. (10 points} Suppose we have a market demand Q = 13 P and a cost C(Q) = $92. a. What is the inverse demand? b. What is the competitive equilibrium market quantity and price? c. If the market had a monopoly, what is the equilibrium quantity and price? Set up the prot maximization and show all steps. d. What Is the mark up? e. What Is the monopoly's prot? 1'. What Is the deadweight loss compared to perfect competition