What is the price of oil and quantity of oil produced

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Reference no: EM13231639

Suppose that 3 countries who form a cartel agreed to divide the oil market equally. Demand for oil is given by P=50-.1Q where P is the price of oil in dollars per barrel and Q is the Quantity in thousands of barrels per day. Each of the 3 countries in the cartel has marginal cost given by MC=30. What is the price of oil and quantity of oil produced by each cartel mamber?

Reference no: EM13231639

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