The table above shows the demand schedule for gadgets.
| a Gadget | Gadgets Demanded |
|---|---|
| $10 | 0 |
| 9 | 100 |
| 8 | 200 |
| 7 | 300 |
| 6 | 400 |
| 5 | 500 |
| 4 | 600 |
| 3 | 700 |
| 2 | 800 |
| 1 | 900 |
| 0 | 1,000 |
The table above shows the demand schedule for gadgets. In this market, Jake and Sarah are the only producers. They each have a marginal cost of so. Let's assume both Jake and Sarah agreed to form a cartel, but jake has decided to cheat and sell 100 more gadgets. How many total gadgets will he sell?
0
250
500
350
Homework Answers
Profits of the cartel are maximum when a total of 500 units are sold, now Jake's share is 250 units and he sells 100 more quantities, so in total jake sells 350 units.
Hence correct answer : d) : 350
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