How much higher (lower) is total industry output

Reference no: EM131347040

Compare the optimal solutions obtained in Exercises 2 and 3. Specifically:

a. How much higher (lower) is the optimal selling price when the two firms form a cartel to maximize industry profits, compared to when they act independently?

b. How much higher (lower) is total industry output?

c. How much higher (lower) are total industry profits?

Reference no: EM131347040

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