b). A steel industry is an Oligopoly market consist of three firms that act like a cartel. Assume that

these three firms have identical cost schedules.Assume also that if any one of these firms sets a

price for the product, the other two firms charge the same price.As long as they all charge the

same price they will share the market equally; and the quantity demanded of each will be the same.

Below are the total-cost schedule of one of these firms and the demand schedule that confronts it

when the other firms charge the same price as this firm.Complete the marginal cost and marginal

revenue table facing the firm.

Output Total cost Marginal cost

Price Quantity demanded Marginal revenue

0 $0

1 180 $_____ $780 1 $_____

2 300 _____ 720 2 _____

3 180 ______________ 660 3 _____

4 720 _____ 600 4 _____

5 1020 _____ 540 5 _____

6 1380 _____ 480 6 _____

7 1800 _____ 420 7 _____

8 2280 _____ 360 8 _____

What price would a steel firm charged, what output would it produce, and what profit would be made by this firm?