Question: please solve ASAP so I can learn thank you!:) Note: Keep as much precision as possible during your calculations. Your final answer should be accurate
Note: Keep as much precision as possible during your calculations. Your final answer should be accurate to at least two decimal places. a) The table below describes the demand for diamonds. Fill in the TR and MR. b) If there were many suppliers of diamonds, what would be the price, quantity and profits? c) If there were only one supplier of diamonds, what would be the price, quantity and profits? P=$0thousandperdiamondQ=0thousandProfits=$0malion d) If Russia and South Africa formed a cartel, what would be the price and quantiy? e) If the countries splat the market evenly, what would be South Africa's production and profit
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
