(1) Suppose that two identical firms produce widgets and that they are the only firm in the market. Their costs are given by C₁ = 60Q₁ and C₂ = 60Q₂, where Q₁ is the output of Firm 1 and Q₂ is the output of Firm 2. Price is determined by the followin demand curve: P = 300 - Q Where Q=Q₁ + ₂ a. Find the Cournot-Nash equilibrium. Calculate the profit of each firm at this equilibrium. b. Suppose the two firms form a cartel to maximize joint profits. How many

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