hi, I need help answering parts b and c

Safari File Edit View History Bookmarks Develop Window Help $ 1 7 Q 2 @ Tue Mar 30 9:31 PM . . . . 0 laecon1.lyryx.com Question 4 [18 points] Two firms in a particular industry face a market demand curve given by the equation P = 140 - 0.5Q. The marginal cost is $40 per unit and the marginal revenue is MR = 140 - Q. a) Draw the demand curve to scale on a diagram, and then insert the corresponding marginal revenue curve and the MC curve. Note: When calculating your points, please round the numbers to the nearest whole number. Marginal Revenue 180 160 D,140) 140 120 Price 100 807 MR 60+ +MC 40 20 (140,0 60 120 180 240 300 360 420 480 Reset Quantity b) If these firms got together to form a cartel, what output would they produce, and what price would they charge? Output of Cartel = 0 Selling Price = $0 c) If the producers stay within the confines of the agreement, what will happen to both the producers' profit? 30Safari File Edit View History Bookmarks Develop Window Help $ 1 7 Q 2 Tue Mar 30 9:31 PM .. . laecon1.lyryx.com 3 C Marginal Revenue 180 160 D,140) 140 120 Price 100 80 MR 60 IMC 40 20- (140,0) 60 120 180 240 300 360 420 480 Reset Quantity b) If these firms got together to form a cartel, what output would they produce, and what price would they charge? Output of Cartel = 0 Selling Price = $0 c) If the producers stay within the confines of the agreement, what will happen to both the producers' profit? The other producer's profit will: Select one Official Time: 21:31:29 SUBMIT AND MARK 170 30 MAR