Suppose two firms compete in an industry with an inverse demand function given by P= 200-2Q. Each firm has a marginal cost of $40. Solve for the...

3. Suppose two firms compete in an industry with an inverse demand function given by P= 200-2Q. Each firm has a marginal cost of $40. 

a. Solve for the monopoly profits, quantity, and price. 

b. Solve for the Cournot Nash Equilibrium. State the quantities and profits for each firm and the market price.