Now assume that FIRM 1 is the Stackelberg leader in this market.
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1. Now assume that FIRM 1 is the Stackelberg leader in this market. And FIRM 2 is the follower. Being the leader, FIRM 1 makes the first move in choosing the quantity of output, followed by FIRM 2. Draw the extensive form or the game tree for this sequential form game.
2. Using the game tree, now determine the sub-game perfect Nash equilibrium(s). Describe the process that helps you in determining it.
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