Suppose that four firms have agreed to operate as a cartel in order to maximize joint profit. The cartel will operate with the following inverse demand function and total cost function where Q is the market output and P is the market price in dollars.               P = 4,000 – 2Q                   Inverse Demand Function               TC = 800Q                        Total Cost Function Determine the market price and the market output set by the cartel. Determine the profit earned by each firm if they share the market equally.

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