Table: Demand Schedule of Gadgets Quantity of Gadgets Demanded Price of a Gadget S10 100 8. 200 300 400 6. 500 4 600 3 700 800 1 900 1,000 Reference: Ref 14-1 The market for gadgets consists of two producers, M and R. Assume each firm produces gadgets with zero marginal cost and zero fixed cost. Suppose that M and R have formed a cartel and are maximizing total industry profits and splitting the production of output evenly between themselves. If M decides to cheat on the agreement and sell 100 more gadgets, how many gadgets will M sell, and how many will R sell? 250. 600. 350. 0.

Table: Demand Schedule of Gadgets Quantity of Gadgets Demanded Price of a Gadget S10 100 8. 200 300 400 6. 500 4 600 3 700 800 1 900 1,000 Reference: Ref 14-1 The market for gadgets consists of two producers, M and R. Assume each firm produces gadgets with zero marginal cost and zero fixed cost. Suppose that M and R have formed a cartel and are maximizing total industry profits and splitting the production of output evenly between themselves. If M decides to cheat on the agreement and sell 100 more gadgets, how many gadgets will M sell, and how many will R sell? 250. 600. 350. 0.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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