A large share of the world supply of diamonds comes from Russia and South Africa. Suppose that the marginal cost of mining diamonds is constant at $18 thousand per diamond. For simplicity, marginal cost = average total cost. Note: Keep as much precision as possible during your calculations. Your nal answer should be accurate to at least two decimal places. a) The table below describes the demand for diamonds. Fill in the TR and MR. b) If there were many suppliers of diamonds, what would be the price, quantity and prots? p = Q = Prots = thousand thousand per diamond million c) If there were only one supplier of diamonds, what would be the price, quantity and prots? thousand million I thousand per diamond d) If Russia and South Africa formed a cartel, what would be the price and quantity? P = thousand per diamond Q = thousand e) If the countries split the market evenly, what would be South Africa's production and prot? Q = thousand Prots= million f) What would happen to the prots of these two countries if South Africa increased its production by 2 thousand while Russia stuck to the cartel agreement? Prots for South Africa Prots for Russia g) Cartel agreements are often not successful because 0 Each rm has the incentive to cheat on the other to get more prots. 0 Any previous tacit agreement to cut back production to keep prices high will not be honored. O The cheated knows that it loses prot while cheater earns more prots, it will cheat sequentially. 0 All of the above. 0 None of the above