(Answered) Hidden valleynbspnbspnbsp has three oil wellsbill ben and

Management Studies

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

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