Question 3 Not yet answered Marked out of 2.50 Flag question Consider the Cournot competition between two firms with different marginal costs, For firm 1, let the cost function be: C1(q1)-3*q1 For firm 2, let the cost function be: C2(q2)-6*q2 The inverse demand function is: P(Q)-12-Q. where Q-q1+q2 In this game, write down the profit functions for firm 1 and firm 2 (as functions of q1 and q2). Then, find the Nash equilibrium quantities for firm 1 and firm 2. In the NE, which firm produces more: the one with the low or the high marginal cost? Note: To get credit, you need to show your calculations and explain your