Suppose global demand coercion (OPEC) gloze is absorbed by P = 120 – 2Q and that each kingdom has costs absorbed as AC = MC = $20. The cartel maximizes advantage at Q = 25 favorite and P = $70/barrel.
(a) (4 pts) If instead of care to this output, entire members overproduced their quotas by 20 percent, what would be the pi on OPECs sum advantage?
(b) (4 pts) Suppose instead undivided member increased production from 2 favorite to 3 favorite barrels. Break down the collision of this in provisions of produce and costs coercion twain the trickery kingdom and the cartel.
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