2. The Organization of Petroleum Exporting Countries (OPEC) is a group of oil producing countries. The question asks you to examine the market for crude oil under perfectly competitive and monopoly market structures. Suppose that the average total cost and marginal cost of producing a barrel of crude oil is constant at $30 per barrel. Also suppose the demand for oil is described by the following schedule in columns (1) and (2) of the table below: + (1) Price (8) Profit per (2) (3) (4) (5) Quantity Total Marginal Total Demanded Revenue Revenue Cost &Supplied (Millions per day of S) (Millions of barrels) (6) (7) Marginal Average Cost per Total IM Cost Barrels barrel $120 $100 $90 $80 $70 OM SM 6M 7M 8M 9M 10ML 11M 12M SOM $150 M $180 M $210 M $240 M $270 M $300 M $330 M $360 M $60 SSO $40 $30 L 1) Complete Columns (3), (4), (6), (7), (8) in the Table for Total Revenue, Marginal Revenue, Marginal Cost, Average Total Cost and Profit 2) If the market for crude oil was perfectly competitive' then the equilibrium per barrel, and the equilibrium price would be $ quantity would be _barrels. 3) If the market for crude oil was perfectly competitive economic profit would be (Hint: In a perfectly competitive market how are prices set? What is the amount of economic profit?)