Two firms face a demand equation given by P=200,000-6(q_(1)+q_(2)), where q_(1) and q_(2) are the outputs of the two firms. [10 Marks] The total cost equations for the two firms are given by TC_(1)=8,000q_(1)quad" and "quad TC_(2)=8000q_(2) (a) If each of the firms sets its own output rate to maximize its profits, assuming that the other firm holds its rate of output constant, what will be the equilibrium price? (b) How much output will each firm produce? (c) How much profit will each firm eam? (d) If the firms collude. what will be the monopoly price arid output? e. If profits from collusion are shared equally, how much profit will each firm earn? Optigitio Ghtat with Broctor-ABHISHEKPAREEE