Question: Please explain the answer in full detail and show any necessary mathematical steps to arrive at the answer! Thank you. (Table: Market for Oil) Suppose

Please explain the answer in full detail and show any necessary

Please explain the answer in full detail and show any necessary mathematical steps to arrive at the answer! Thank you.

mathematical steps to arrive at the answer! Thank you. (Table: Market for

(Table: Market for Oil) Suppose that oil is produced by 10 countries, each of which produces 10 million barrels of oil a day (MBD) for a total of 100 MBD. The world price of oil at this quantity is $36 per barrel, so each country earns $360 million a day. __ 37.50 _1i Refer to the table. Suppose that these countries form a cartel and each country produces 8 MBD. If one of the cartel members cheats by secretly pushing its production back to 10 MBD rather than 8, total revenue for the cheating country would: increase from $360 million to $500 million a day. remain unchanged at $400 million a day. 9 increase from $400 million to $475 million a day. decrease from $380 million to $360 million a day

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