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1. Two firms (firm 1 and firm 2) compete in a market for a homogenous good by setting quantities. The demand is given by Q(p) = 2p. The firms have constant marginal cost c = 1.
a. Draw the two firms' reaction function. Find the equilibrium quantities and calculate equilibrium profits.
b. Suppose now that there are n firms where n ≥ 2. Calculate equilibrium quantities and profits.
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