Distant shores has two natural gas wells one owned by dick, Business Economics

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Distant shores has two natural gas wells one owned by dick

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

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