Solution-Peter form a cartel and maximize their joint profit

Peter form a cartel and maximize their joint profit

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Reference no: EM131218632

Hidden Valley has three oil wells.Bill ,Ben ,and Peterown one. The table gives the demand schedule for oil in this area. The marginal cost of producing oili s $8 a unit.If Bill, Ben,and Peter form a cartel and maximize their joint profit, what is the price of a unit of oil?

If Bill, Ben ,and Peter form a cartel and maximize their joint profit, the price of a unit of oil is $- and the quantity produced is ----units a day.

Price (dollars per unit)	Quantity demanded (units per day)
48	0
44	5
40	10
36	15
32	20
28	25
24	30
20	35
16	40
12	45
8	50
4	55
0	60

Reference no: EM131218632

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Peter form a cartel and maximize their joint profit

Reference no: EM131218632

Reference no: EM131218632

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