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Calculate the perfectly competitive industry equilibrium

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Reference no: EM132235773

Assume the following demand and supply equation for a pesticide market:

Qd = 30,000 - 5000P

Qs = 10,000P

  1. Calculate the perfectly competitive industry equilibrium price and output.
  2. Assume that the firms in this industry organized into a cartel. Calculate the industry output and price.
  3. Compare your answers for items a and b. Briefly describe the effect that organizing into a cartel had on price and output.

Reference no: EM132235773

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