What is the value of the world net loss from the cartel

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Reference no: EM131379951

A commodity market is characterized by the following equations:

Demand: P=70-(QD)

Supply: P=10+2(QS)

What is the value of the world net loss from the cartel (deadweight loss)?

Illustrate it graphically.

Instead of maximizing profit, the cartel wants to maximize revenue or market share, at what price should it sell its product?

Reference no: EM131379951

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