1. ( 10 points) A large share of the world supply of diamonds comes from Russia and South Africa. Suppose the marginal cost of mining diamonds is zero and the demand for diamonds is as follows. Price (5) Quantity (diamonds) 11,000 0 10,000 1,000 9,000 2,000 8,000 3,000 7,000 4,000 6,000 5,000 5,000 6,000 4,000 7,000 3,000 8,000 2,000 9,000 1,000 10,000 0 11,000 a. If there were many buyers and sellers of diamonds, what would be the price and quantity? b. If there were only one supplier of diamonds, what would be the price and quantity? c. If Russia and South Africa formed a cartel, what would be the initial price and quantity? d. If Russia and South Africa formed a cartel, what would happen to South Africa's profit if it increased production by 1,000 diamonds? e. Explain why cartel agreements are often unsuccessful