(d) An industry consists of eleven identical firms with each firm's cost given as c(q) = 4q +q? . Market demand for the product is Q 100 - p where = firm's quantity, Q = market quantity and p = price...

Extracted text: (d) An industry consists of eleven identical firms with each firm's cost given as c(q) = 4q +q? . Market demand for the product is Q 100 - p where = firm's quantity, Q = market quantity and p = price of product. All the eleven firms decide to form a cartel that will operate as a monopoly with total costs C(Q) = 4Q + Q² and divide the profits equally among its 11 member firms. (i) Find the quantity produced by each cartel firm. (ii) What will be the price set by the cartel firm? (iii) Calculate the amount of profit that each cartel firm makes. (iv) If a member firm cheated, calculate this cheating member firm's quantity produced assuming that the other firms' maintain their agreed cartel price and output.