Question 2, Text Exercise 3.13 N HW Score: 84.52%, 5.92 of 7 points @ Part 5 of 6 @ Points: 0.75 of 1 A duopoly faces a market demand of p=120 - Q. Firm 1 has a constant marginal cost of mc' = $20. Firm 2's constant marginal cost is Mc? =$40. Calculate the output of each firm, market output, and price if there is (a) a collusive equilibrium or (b) a Cournot equilibrium. ~ The collusive equilibrium occurs where q, equals 50 and q, equals 0. (Enfer numeric responses using real numbers rounded to two decimal places) Market output is 50 . The collusive equilibrium price is $ 70 . The Cournot-Nash equilibrium occurs where q4 equals 40 and g, equals 20 . Market output is HW Score: 84.52%, 5.92 of 7 points Part 2 of 4 Points: 0.33 of 1 Duopoly quantity-setting firms face the market demand P =90- Q. Each firm has a marginal cost of $15 per unit. What is the Cournot equilibrium? The Cournot equilibrium quantities for Firm 1 (q, ) and Firm 2 (q2 ) are 91 = 25 units and q, = 25 units. (Enter numeric responses using real numbers rounded to two decimal places.) The Cournot equilibrium price is p = $Microeconomics OL Spring 2024 HW Score: Y 51T D) Question 3, That's incorrect. Substituting 127.5 for q, and 63.75 for g, in the demand equation, the equilibrium price is p=270-127.5-63.75 p=$78.75