2. Suppose the market demand (what buyers will buy at various prices) is as in table below: Price 7 6 5 4 3 2 Demand 0 1 2 3 4 5 6 On the selling side: There are 3 sellers each with a cost of $1 for their 15 unit, $2 for their second unit, $3 for their third unit, so that total supply would be 3 units at $1, 6 units at $2, and 9 units at $3. Note demand at each price is total demand: for example, total demand at P = 5 is 2 (not 3). a. Using graph paper draw in market supply and demand and calculate total seller profit at the competitive equilibrium (CE). Show this on the graph a graph (using step functions to accurately characterize demand). b. If all 3 sellers collude (form a cartel with perfect enforcement) and agree to sell equal amounts, what price would they choose and what would total cartel profit be? Compare firm profits to what they were at the CE