All help is appreciated for these questions. Due on 10/31

Consider the following example of the Bertrand model of price competition. The three rms, 1, 2 and 3, set prices p1, p2 and p3, respectively. The rm offering the lower price captures the entire market. If multiple rms charge the lowest price, then they share the market equally. Assume that market demand is determined by the function y = 30 p, and that producing rms face cost mctions: C101) = C201) = 4y and C30!) = 5y (these imply constant unit cost of $4 for rms 1 and 2, and $5 for rm 3). (a) Find rm 1's production function Q1091, p2, p3), revenue function R1(p1, p2, p3), and prot function 7:1(p1, p2, p3). Let p-1= min(p2, p3). Note that there are four parts of each function: P1 P-1 (b) Draw a graph both R1(p1, p2, p3) and m(p1, p2, p3), given that and 5