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Firm 1 and firm 2 are Bertrand duopoloists. Firm 1 has a marginal cost of...

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Firm 1 and firm 2 are Bertrand duopoloists. Firm 1 has a marginal cost of $4.00 per unit, and firm 2 has a marginal cost of $6.01 per unit. The demand for their product is p=61.00Q, where Q is the total quantity demanded. How much does each firm sell in equilibrium? Assume that prices can only be set to the nearest cent, firms split the market if they set the same price, and there are no fixed costs. Firm 1 production: (Round to two decimals if necessary.) Firm 2 production: (Round to two decimals if necessary.) Part 2 (2 points) See Hint What are the profits for each firm in equilibrium? Firm 1 profit: \$ (Round to two decimals if necessary.) Firm 2 profit: \$ (Round to two decimals if necessary.)

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