Question: Please explain the correct answer in detail with the mathematical steps necessary to find the answer! Thank you. (Table: Three-Country Oil Production) Refer to the

 Please explain the correct answer in detail with the mathematical steps

Please explain the correct answer in detail with the mathematical steps necessary to find the answer! Thank you.

necessary to find the answer! Thank you. (Table: Three-Country Oil Production) Refer

(Table: Three-Country Oil Production) Refer to the table. Suppose that three countries are engaged in oil production. For simplicity, assume zero costs so that revenue equals prot. If the countries create a cartel and agree to mimic monopoly-like behavior, what level of output would each rm produce? Ton-mm: - mm_ ___E 70 50 4-0 30 200 700 9 400 1,200

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