If all n identical firms in a market belong to a cartel, how much total output will be produced relative to the monopoly output, and how much will each firm produce?Suppose the graph on the next page depicts the demand for football tic k ets at Grand University.
(a) What is total revenue at the price of $24? $
(b) If the price drops to $12, how many tickets would consumers purchase?
(c) What is total revenue at that point? $
(d) If the team has a winning streak and the price is still $24, at what point do we end up?
(e) What is total revenue at that point?