(All Steps) Compare the optimal solutions obtained in Exercises 2 and 3. Specifically: How much higher (lower) is the optimal selling price when the two
Question: Compare the optimal solutions obtained in Exercises 2 and 3. Specifically:
- How much higher (lower) is the optimal selling price when the two firms form a cartel to maximize industry profits, compared to when they act independently?
- How much higher (lower) is total industry output?
- How much higher (lower) are total industry profits?
Deliverable: Word Document 
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