Q1 Two firms produce a homogeneous good. The market demand is given by Q(p) = 19 - p, and the cost function is TC(q) q. (Same for both firms.) The two firms compete in the style of Cournot by simultaneously choosing their quantities. Show that the Cournot equilibrium quantities are q₁ = 6 for Firm 1 and q2 = 6 for Firm 2, so that the price in the Cournot equilibrium is P = 7.

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