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QUESTION 1 Assume the following demand and supply equation for a pesticide market: Qd = 30,000 - 5000P Qs = 10,000P Calculate the perfectly competitive

QUESTION 1

  1. Assume the following demand and supply equation for a pesticide market:
  2. Qd = 30,000 - 5000P
  3. Qs = 10,000P
  4. Calculate the perfectly competitive industry equilibrium price and output.
  5. Assume that the firms in this industry organized into a cartel. Calculate the industry output and price.
  6. Compare your answers for items a and b. Briefly describe the effect that organizing into a cartel had on price and output.

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