a. The industry demand function for cup-noodles is given as follow: P = 50 — 0.5Q - There are only two firms: Firm 1 and Firm 2 produce cup-noodles. Both firms have a marginal cost of $20 and fixed costs are zero. Their marginal revenue functions are given as follow: MR₁ = 509₁ - 0.592 MR₂ = 5092 - 0.591 where MR₁ is marginal revenue of Firm 1, MR₂ is marginal revenue of Firm 2, 91 is output of Firm 1, q2 is output of Firm 2. i. What are the output level, profit and price for each firm under the Cournot equilibrium? . ii. What is the market output and price under Betrand equilibrium? If the two firms collude and form a monopoly, what would be the market output level, price and total profit? (Note: Marginal revenue function: MR = 50 - Q) b. Explain, with the aid of a diagram, the impact of adverse selection problem to the market demand curve of a normal good.