Question 4 [15 total marks) Gligopoly [Centralized Cartel} Consider an industry that consists of 4 firms, all competing over the same market, given by the following demand equation: P281] 3 Q All firms have the same Total Cost Function, given by: To:1(1:;;,.+2:;:,.2 Suppose the firms decide to collude and voluntarily restrict output and raise price, in order to increase profits. a] What price will be charged by the members of the cartel? [4 marks) Assume the head of the cartel is fair and distributes output ql. equally among the 4 firms (since they have identical costs]. b)What is the output of each individual firm? [2 marks) c] What is each individual firm's profit? [2 marks)