Question 2 Suppose two firms compete in selling identical widgets. They choose their output levels Q1 and Q2 simultaneously, and face the inverse demand P = 451 − Q, where Q = Q1 + Q2. Each firm has a marginal cost of $7. (a) How much will each firm produce? (b) What will the market price be? (c) Find each firm’s profit. Now suppose that an environmental regulation raises Firm 2’s marginal cost to $16. Firm 1’s marginal cost remains the same. (d) How much will each firm now produce?(e) Compare each firm’s profits before and after the regulation.

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