Suppose there are three firms and they are engaged in price competition (Bertrand). There is only 1 customer in the market and the customer will shop from the firm that offers the lowest price. Firm 1 has the cost function C(q1) = 2q1. Firm 2 has the cost function C(q2) = 4q2. Firm 3 has the cost function C(q3) = 4q3.

a. Find the marginal cost for each firm.

b. What will the equilibrium price be?

c. Which firm will produce for the 1 customer?