Answer Happy

Consider a single country and a single good. The demand curve
for this good is given by Q^D = 144 - 4P. There are two firms
serving the market: Firm A and Firm B, where Firm A has a marginal
cost of $20 and Firm B has a marginal cost of $16. There are no
fixed costs incurred by either firm.
Assume that these firms compete in Cournot
fashion.
Part I. How many units of output each firm produces? Show your
work.
Part II. What is the equilibrium price in the market? Show your
work. Part III. How much profit each firm makes? Show your
work.
Part IV. What is the consumer surplus? Show your work.
Alternatively, assume now that these firms compete in
Bertrand fashion.
Part V. What is the equilibrium price in the market now? Explain
your reasoning.
Part VI. How many units of output each firm produces? Show your
work.
Part VII. How much profit each firm makes now? Show your work. Part
VIII. What is the consumer surplus? Show your work.
Part IX. Under which competition, Cournot vs. Bertrand, social
welfare is higher? Show your work.