a) The demand function for a duopoly market is P = 1000 - Q. Cost of production for duopolist - I, II are CI = 10 +0.25 QI^2 , CII = 20 + 0.5 QII^2 respectively. Find equilibrium price, output produced and profit earned by the two firms when they set output simultaneously. b. What is the scenario if duopolist - I sets output first and duopolist - Il sets output observing the output produced by duopolist - I? c. Compare output produced, price charged and profits earned by the duopolists for part-a, d. Show the situation using a diagram. e. Is there any possibility of formation of cartel by the two duopolists?

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