Suppose the market demand for ECO101 textbooks at the UofT is given by Q=1000-2P. The Marginal...

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Suppose the market demand for ECO101 textbooks at the UofT is given by Q=1000-2P. The Marginal Cost of a textbook is $50. Suppose there are only two textbook publishers, both printing the exact same textbook. They compete in a Cournot manner. Suppose each firm produces q = 450. Is this an equilibrium? Explain your reasoning. show all the steps of your working clearly. Keep your responses short and precise. Under 250 words is a good rule of thumb. Suppose the market demand for ECO101 textbooks at the UofT is given by Q=1000-2P. The Marginal Cost of a textbook is $50. Suppose there are only two textbook publishers, both printing the exact same textbook. They compete in a Cournot manner. Suppose each firm produces q = 450. Is this an equilibrium? Explain your reasoning. show all the steps of your working clearly. Keep your responses short and precise. Under 250 words is a good rule of thumb.