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Solve for equilibrium prices in the following differentiated Bertrand model. Q1 = 300 - 12P1 + 4P2 + 3P3 Q2 = 275 - 10P2 +

Solve for equilibrium prices in the following differentiated Bertrand model.

Q1 = 300 - 12P1 + 4P2 + 3P3

Q2 = 275 - 10P2 + 2P1 + P3

Q3 = 250 - 8P3 + 2P1 + P2

Assume that each firm has a marginal cost of 10.

a.Write down each firm's profit function.

b.Write down the profit-maximization conditions.

c.Use an equation solver to get the equilibrium prices.

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