Suppose we have a duopoly with Firm 1 and Firm 2 and the following inverse demand function: P = 100 – 5(Q1 + Q2) Total Cost and Marginal Cost values for firms 1 and 2 are: TC1 = 20Q1 TC2 = 30Q2 MC1 = 20 MC2 = 30 Assuming a Cournot Duopoly, the following response functions are derived: Firm 1: Q1 = 8 – 0.5Q2 Firm 2: Q2 = 7 – 0.5Q1 Using this information, calculate the quantity produced for each firm, the price, and profits for each firm and the market as a whole.

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