Hidden Valley has three oil wells.Bill ,Ben ,and Peterown one. The table gives the demand schedule for oil in this area. The marginal cost of producing oili s $8 a unit.If Bill, Ben,and Peter form a cartel and maximize their joint profit, what is the price of a unit of oil?
If Bill, Ben ,and Peter form a cartel and maximize their joint profit, the price of a unit of oil is $- and the quantity produced is ----units a day.
|
Price (dollars per unit)
|
Quantity demanded (units per day)
|
|
48
|
0
|
|
44
|
5
|
|
40
|
10
|
|
36
|
15
|
|
32
|
20
|
|
28
|
25
|
|
24
|
30
|
|
20
|
35
|
|
16
|
40
|
|
12
|
45
|
|
8
|
50
|
|
4
|
55
|
|
0
|
60
|