What is price of unit of gas and what is quantity is units

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Reference no: EM131240765

Distant Shores has two natural gas wells. One owned by Dick and the other owned by Harry. Each well has a valve that controls the rate of flow of gas. The marginal cost of producing gas is $12 a unit. The table gives the demand schedule for Gas on this island. If Dick and Harry form a cartel and maximize their joint profit, what is the price of a unit of gas and what is the quantity produced is units a day?

Price per unit Quantity Demanded

36 0

33 4

30 8

27 12

24 16

21 20

18 24

15 28

Reference no: EM131240765

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