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iii. [41 How much profit does each rm make? How do you think these profit levels compare with what they would be under simultaneous quantity setting? 13. [10] Suppose instead that the two rms are competing strategically on price instead of quantity and they are making decisions simultaneously. i. [4] What is the demand function for rm 2? How does this compare with the demand function for rm 1? ii. [4} What prices will firm 1 and 2 set in equilibrium? Explain why this is a Nash equilibrium. iii. [2] How many \"Zoom bookshelves\" will each vendor sell in equilibrium? 6. [22] Suppose that demand for \"Zoom bookshelves\" {these are collections of books that make the user appear well-read and knowledgeable] is given by Q = 280 - p. There are only two firms that produce this coveted product, they both have cost function G} (q!) = 4Q}, where} = 1,2 denotes the identity of each firm, respectively. Total production of "Zoom bookshelves\" is equal to the output of the two firms. a. [12] Suppose that the firms. compete on quantities and that rm 1 enters. the market first. i. [41 Find the Nash equilibrium output of each rm. ii. [4] Explain why these output choices are a Nash equilibrium