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Suppose that demand for oil is given by P = 51 - Q where P is the price of oil in dollars per barrel

Suppose that demand for oil is given by P = 51 - Q where P is the price of oil in dollars per barrel (S/b) and Q is the quantity of oil in million barrels per day (MBD). There are four countries that decide to form a cartel. Each country's marginal extraction cost if constant at $28 per barrel. If the countries agree on equal shares in the cartel, what will be the cartels price of oil?

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