Apple and Samsung claim the duopoly over the premium part of the smartphone market. The two firms produce differentiated products, with constant marginal costs, engaging in price competition. The two demand functions are given byππππ(ππππ,πππ π )=700βππππ+πππ π πππ π (ππππ,πππ π )=700βπππ π +ππππThe two cost-functions are:πΆπΆππ=πππππππππΆπΆπ π =πππ π πππ π a) Derive the best-response functions (BRF). (8 points)Hint: Profits in Bertrand competition depend on prices and costs only, […]