Consider two firms facing the demand curve P 90- 50, where Q Q1 Q2 The firms’ cost functions are C1 (Q1) 15+ 1001 and C2 (Q2) 5.2002 Suppose that both firms have entered the industry. What is the joint maximizing level of output? How much will each firm produce? Combined, the firms will produce units of output, of which Firm 1 will produce units and Firm 2 will produce units. (Enter a numeric response using a real number roundcd to two decimal places. What is each firm s equilibrium output and profit if they behave noncooperatively? Use the Cournot model the firms compete then Firm 1 will produce units of output and Firm 2 will produce nits of output Draw the firms’ reaction curves and show the equilibrium. To do this, draw Firm s reaction curve (RC1) and Firm 2’s reaction curve (RC n the figure to the right using the line drawing tool. Attach the appropriate labels. Then, indicate the Cournot Equilibrium (Equilibrium) sing the point drawing tool. Attach the provided label 21314 Firm 2’s output