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Four tire manufacturers decide to form a cartel. All four manufacturers agree to restrict their total output to 400 tires and charge $100 per tire.

Four tire manufacturers decide to form a cartel. All four manufacturers agree to restrict their total output to 400 tires and charge $100 per tire. Suppose one tire manufacturer decides to cheat by producing and selling an additional 80 tires and the price drops to $80. What will be the loss in total revenue

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