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Question 8 A centralized cartel consisting of two firms has an industry demand of P = 220 - 2Q. The firms have identical cost curves

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Question 8 A centralized cartel consisting of two firms has an industry demand of P = 220 - 2Q. The firms have identical cost curves given by IQ: 20qi + in. AC P Typical rm Industry 1) What is the cartel's profit maximizing output? 2) What is the cartel's profit maximizing price? 3) The cartel allocates the output to two members. What is the individual firm's prot? 4) 1f the cartel broke down and the rms competed, what would their price he? Answers: 1 2 3 4 5 Nmmwrh

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