A commodity market is characterized by the following, Business Economics

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A commodity market is characterized by the following

A commodity market is characterized by the following equations:

Demand: P=70-(QD)

Supply: P=10+2(QS)

1. What are the competitive price and efficient quantity?

2. Assume that firms in this market manage to form a cartel to stabilize prices and that the total cost of producing the good is TC=20+10 (quantity)+2(quantity)(quanity)

a. What is the optimum price for the cartel? b. What is the profit for the cartel?

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Business Economics: A commodity market is characterized by the following

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