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Mays and Mccovey are beer producers that operate in a duopoly (two-firm oligopoly). The daily marginal cost (MC) of producing a can of beer is constant and equals $0.40 per can. Also, assume that neither firm had any startup costs. That is, marginal cost equals average total cost (ATC) for each firm. Suppose that Mays and MoCovey form a cartel, and the firms divide the output evenly. (Note: This is only for convenience, since nothing In the model requires that the two companies must equally share the output.) Place the black point (plus symbol) on the following graph to indicate the profit-maximizing price and combined quantity of output if Mays and Mccovey choose to work together. Note: Drop lines will extend to both axes automatically- (?) 20 .+ 1.6 Cartel Outcome PRICE (Dollars per can) MC - AC MR Demand 20 0 80 100 120 840 160 180 200 QUANTITY (Cans of beer per day) When they act as a profit-maximizing cartel, each company will produce * cans per day and charge per can. Given this Information. each firm earns a daily profit of * . so the total industry profit in the beer market is * per day. Suppose you analyze the previous situation using the Bertrand model. Which of the following are assumptions of this model? Check all that apply. O Firms choose to produce quantities as best responses to the quantity the other firm produces. O Al sales go to the firm with the lowest price. O The goods are perfect substitutes. Again using the Bertrand model, which of the following statements is true of the point representing the cartel price and quantity you found previously? O Either firm could increase its profits by decreasing the price it charges. O It is a Nash equilibrium. O Either firm could increase its profits by increasing the price it charges.any will produce cans per day and charge per c stry profit in the rket is per day. 40 ertrand model. W 80 the following are assumptions of this mo ponses to the qu 20 The other firm produces. 120per day and charge Der can. Given this information, at is per day. $0.80 following are assum $1.20 this model? Check all that apply. other firm produces. $0.40profit-maximizing cartel, each company will pro lily profit of . so the total industry profit i $64 ravio cion using the Bertrand mo $32 use to produ tities as best responses to $96 0 to the firm e lowest price.per day and charge per can. Given this ini cet is per day. = folld 50 e assumptions of this model? check all che $64 othe reduces. $32 $96 pint representing the cartel price and quantity you foun